Bitcoin Ready to Move Up, Battles Declining Volatility
Jun 01, 2020 at 10:57 //
News
Bitcoin Bulls have taken the king coin to retest the $10,000 overhead resistance since May 30. Buyers pushed price to the $9,800 resistance zone and were repelled. BTC retraced to $9.400 and resumed consolidation above the current support.
Bitcoin has been stable above $9,400 in the last 48 hours. It is anticipated that the pair is likely to accelerate to $9,800 as long as price remains above $9,300. In the upside range, BTC fluctuates between $9,300 and $9.800 and then retests the major resistance at $9,950 and $10,000.
Nonetheless, for the past five days, buyers have failed to penetrate the $9,800 to $10,000 resistance zone. The bears are mounting stiff opposition in the resistance zone. However, if BTC falls from $9,400, there is a likelihood of its falling to the $9,000 support and subsequently dropping to $8, 800 low. Conversely, a strong bounce above $9,400 can provide a buying opportunity which can accelerate price to the $10,000 resistance zone. Meanwhile, BTC is consolidating above $9,400.
Bitcoin indicator reading
The king coin is above the 68% range of the daily stochastic, indicating bullish momentum. The price action is indicating bullish signals but consolidating above $9,400 support. The price has consistently remained above the EMAs indicating an upward move.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
What is the next direction for BTC/USD?
Bitcoin is holding above $9,500 and it is in the upside range of the resistance zone. The bulls are capable and accessible to retest the resistance zone if the buyers sustain the current momentum. Meanwhile, the price is consolidating above the 12-day EMA.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
