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)
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.
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.
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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