Bitcoin Retracement Stable, as Upside Range Potential Continues
Jun 24, 2020 at 12:48 //
News
Following a successful breakout, Bitcoin was compelled to a sideways move below the $9,800 resistance. Before now, BTC has been consolidating between $9,200 and $9,400 because of the bulls’ inability to push the price upward.
On the other hand, the bears were unable to break the $9,080 support as the lower region of $9,000 was well supported. Buyers have the upper hand as price rebounded above $9,200 support to reach the $9,800 resistance.
Nonetheless, for the past two days, BTC is range-bound below $9,800 resistance as bulls fail to break the resistance. There is a likelihood of another breakout if the sideways move below the current resistance persists. A strong bounce above $9,600 will propel price to break through the resistance of $9,800 and $10,000. Nevertheless, the momentum will extend to $10,500 high. In the meantime, price is fluctuating above $9,600 for a possible breakout or breakdown.
Bitcoin indicator reading
As BTC rebounds above $9,200, the price bars are above the EMAs. This indicates a possible rise of Bitcoin to the upside. Similarly, the king coin is at level 54 of the Relative Strength Index period 14. There is a possibility of price rise as BTC is above the centerline 50.
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?
Currently, Bitcoin is in a sideways trend below $9,800. The coin upward move is possible if the bulls successfully break the $9,800 and $9,860 resistance. The bulls have retested the resistance zones on several occasions, therefore breaking these levels will not be a problem as the resistance levels have been weakened by a continual retest.
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