Bitcoin (BTC) Price Prediction – June 16
Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,411.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,600, $10,800, $11,000
Support Levels: $8,500, $8,300, $8,100
Bitcoin is currently trading 0.87% higher on the day. BTC/USD opened the session at $9,411 and now adjusting upwards to the prevailing market value of $9,500. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may stay range-bound during the next trading hours as the coin moves below the 9-day and 21-day moving averages. Meanwhile, the technical indicator RSI (14) may start moving upwards.
At the opening of the market today, after testing the low of $9,382, BTC/USD is currently trading at $9,514. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off if the 21-day MA crosses above the 9-day MA, traders may see $9,200 to $9,000 being tested again before pushing higher.
On the downside, if the market decides to fall, the price of Bitcoin could fall below the channel at $9,000, and if that support fails to hold the sell-off, traders could see a further decline below the lower boundary of the channel and towards the support levels of $8,500, $8,300 and critically $8,100. All the same, any further bullish movement above the moving average could reach the potential resistance at $10,600, $10,800, and $11,000 levels.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, Bitcoin’s price is currently trading around $9,436 and above the 9-day and 21-day moving averages after falling from $9,591.99 where the coin touched today. From a technical point of view, the trend is in the hands of the sellers.
However, the technical indicator RSI (14) is retreating even though it had not reached the 50-level. As long as the downward trend continues, keeping Bitcoin above $9,500 may be a daunting task. In this case, it is best we look at possible support levels, starting at $9,200, $9,000, and $8,800. While the resistance lies at $9,800 and above.
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