Bitcoin Struggles to Clear $9,500 Resistance as Bears Defy Uptrend
Jun 17, 2020 at 13:20 //
News
The king coin has an uphill task as buyers continue to push prices above the $9,500 resistance. Before now the bulls have recovered BTC from the low of $8,914 to a high above $9,400.
For the past week, the bulls have failed to clear the $9,500 and $9,680 resistance zones. The ability of the bulls to overcome these levels will pave the way for the upside range trading between $9,300 and $9,800.
As already indicated in the previous articles, this range is the platform where price fluctuates to retest the $10,000 overhead resistance. Conversely, if buyers fail to clear the $9,500 resistance zone; the bears may take advantage to push prices down. In other words, if the $9,050 - $9,300 support fails to hold, this will indicate that the downtrend has resumed. Meanwhile, Bitcoin is still fluctuating above the $9,400 support.
Bitcoin indicator reading
Following the breakdown on June 11, buyers have failed to push prices above the 12-day EMA and the 26-day EMA. Perhaps, this will provide the reason why buyers have failed to clear the $9,500 and $9,680 resistance zones. Bitcoin will rise when the price bars are above the EMAs. The reverse is the case when prices are below the EMAs. The RSI indicates that BTC is at level 51. This explains that the coin is in the uptrend zone and likely to rise.
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 presently trading above $9,400 as the coin is facing rejection from the $9,500 and $9,680 resistance zones. For now, the upward move is doubtful except these resistances are breached. The downward move may resume if the bears break below the support line of the ascending channel.
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