Bitcoin Hovers above $9.2k, Falling After an Important Rejection
Jul 08, 2020 at 12:28 //
News
Bitcoin has continued to consolidate between $9,000 and $9,200 support. The king coin has been battling with rejection at $9,300 and $9,400 resistance.
In the last 48 hours, buyers pushed the price above $9,300 twice but were resisted. Despite the rejection, BTC is still hovering above $9,200 support. The bottom line is that if the bulls clear the $9,300 and $9,400 resistance, BTC will resume a fresh uptrend to retest the $10,000 overhead resistance.
Conversely, if the bulls fail to achieve this feat, Bitcoin will risk a possible decline. In retrospect, since May 7, Bitcoin has failed to break the $10,000 overhead resistance after several retests and pullbacks. Today, after the rejection, price is retracing to the $9,200 support. Analysts believe that if the $9,000 and $9,200 support remain intact, Bitcoin will continue up trending. That is, the upward movement will continue to retest the $10,000 overhead resistance. On the other hand, if the $9,000 and $9,200 becomes resistance levels, Bitcoin will eventually drop.
Bitcoin indicator reading
The price bars are still below the EMAs which suggests a downward move. Buyers are attempting to break above the EMAs. Bitcoin will resume an upward move if successful above the EMAs. The crypto is above 40% range of the daily stochastic. It indicates that the market is in a bullish trend.
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 hovering above $9,200 support after facing rejection at $9,300. It has been holding above $9,200 since the last bearish impulse on June 27. The bulls have been able to defend the $9,000 and $9,200 support but have failed to continue upward move to the previous highs. As Bitcoin continues to consolidate a breakout is likely.
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