Bitcoin Sets A New Resistance At $9400, Is $1000 Next?

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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.

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About AzeezMustaph

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.