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Bitcoin Price Prediction: BTC/USD Trades with a Considerable Support After Nose-diving to $9,250

Bitcoin (BTC) Price Prediction – June 3

The price of Bitcoin is trading in a tight range between $9,431 and $10,247 for the past few days.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $8,500, $8, 300, $8,100

BTCUSD – Daily Chart

Yesterday, BTC/USD jumped ahead and faced a key resistance of $10,217 but was later rejected and it is now trading sideways. With the look of things, if BTC/USD continued to consolidate in this way, we could soon see it break through the above-mentioned level of key resistance and it would then be obvious to target $10,500. More so, we could see a larger decline over the next two days if the downtrend begins to form in a pattern formation.

However, the market has remained in the consolidation mode around the 9-day and  21-day moving averages, deciding on the next move. However, it can be expected that the market may continue to sell should in case the declines come together. But, if the bulls show a strong commitment, the BTC/USD could rise to the critical resistance levels of $11,000, $11,200 and $11,400. The RSI (14) indicator, though on the sideways is still giving fade bullish signals.

Nevertheless, BTC/USD attempted to develop a recovery above the moving averages but still gathering momentum. The daily chart revealed that the weak upward momentum affected the Bitcoin bulls, although bears should be able to push the price below the moving averages to increase the chances of a downward scenario which may lead the price to $8,500, $8,300 and $8,100 levels in the next downward period.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Bitcoin’s price is now trading around $9,588 after rebounding from $9,522. Looking at the 4-hour price chart, we can see that the bullish supply coming up slowly in the market, but the bears are also trying to drag the price below $9,400 supports. Meanwhile, the $9,300 support level and below may come into play if BTC breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, if buyers can strengthen and push the market price above the moving averages, we can expect a retest of $9,700 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $9,900, and above. However, BTC/USD is consolidating currently and moving sideways on the medium-term outlook as the RSI (14) moves in the same direction.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.