{"id":230453,"date":"2019-06-16T16:00:58","date_gmt":"2019-06-16T20:00:58","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=230453"},"modified":"2021-08-17T22:52:52","modified_gmt":"2021-08-18T02:52:52","slug":"bitcoin-sets-a-new-resistance-at-9400-is-1000-next","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-sets-a-new-resistance-at-9400-is-1000-next","title":{"rendered":"Bitcoin Sets A New Resistance At $9400, Is $1000 Next?"},"content":{"rendered":"

Bitcoin (BTC) Price Analysis \u2013 June 16<\/h3>\n

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<\/p>\n

BTC\/USD Long-term Trend: Bullish (1D chart)<\/h2>\n

Key Levels:<\/strong>
\nResistance levels: $9500, $1000
\nSupport levels: $8000, $7500<\/p>\n

After breaking above the $7,500 \u2013 $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.<\/p>\n

\"\"<\/a>
BTCUSD-1D-Chart-June-16<\/figcaption><\/figure>\n

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.<\/p>\n

BTC\/USD Medium -term Trend: Bullish (4H Chart)<\/strong><\/p>\n

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.<\/p>\n

\"\"<\/a>
BTCUSD-4H-Chart-June-16<\/figcaption><\/figure>\n

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.<\/p>\n

Please note:<\/em><\/strong> 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Analysis \u2013 June 16 The last seven days have been an interesting moment for the Bitcoin market, gaining 20% which brought the […]<\/a><\/div>","protected":false},"author":1742,"featured_media":230461,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[8614,8009,7992],"class_list":["post-230453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin-btcusd","tag-price-prediction","tag-technical-analysis"],"acf":[],"yoast_head":"\nBitcoin Sets A New Resistance At $9400, Is $1000 Next? - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"In a short time, BTC may hit $10k if the bullish pressure continues. 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