Bitcoin Sets A New Resistance At $9400, Is $1000 Next? Author: Azeez Mustapha Last Updated: 16 June 2019 Bitcoin (BTC) Price Analysis – June 16 The last seven days have been an interesting moment for the Bitcoin market, gaining 20% which brought the current monthly high to around $9400. In a short time, BTC may hit $10k if the bullish pressure continues. Otherwise, the price may plummet to $8,000 BTC/USD Long-term Trend: Bullish (1D chart) Key Levels: Resistance levels: $9500, $1000 Support levels: $8000, $7500 After breaking above the $7,500 – $8,000 consolidation area a few days ago, Bitcoin followed a bullish sentiment as price hit $9,400 today. At the moment, the BTC price is trading around $9000. However, the bulls are gaining control of the market. The ascending trend line has been diagonal support for the market as well. The key resistance to watch out for is $9,500 and $10,000 levels. BTCUSD-1D-Chart-June-16 If the market plunges, Bitcoin may fall back to the $8,000 and $7,500 supports. As revealed on the daily chart, the market is currently testing the 70 level of the daily RSI. A breach could send the price to the next resistance levels. On the daily Stochastic RSI, the market nears the overbought area. We can expect a price drop If BTC reaches the oversold area. BTC/USD Medium -term Trend: Bullish (4H Chart) For the past four weeks, Bitcoin has been trading within an ascending channel as the market currently tests the upper channel as a result of the recent bullish pressure which has brought the market near $9,500. The actual scenario was revealed on the 4-hours RSI as the cryptocurrency now trades at the overbought territory. BTCUSD-4H-Chart-June-16 If the bulls can manage to break-up the upper channel, the next buying pressure can be expected at $9,350 and $9,600 and perhaps $9,800 resistance. A bounce low, however, could send the market to $8,800, $8,400 and $8,000 supports, testing the lower channel. As of now, BTC is actually dropping on the 4-hours Stochastic RSI. Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.