From today’s Bitcoin price analysis, W can expect BTC price to rise and retest the $9,000 overhead resistance only if the bulls break above the EMAs.
Bitcoin Price Medium-term Analysis
Bitcoin (BTC)’ price was in a bullish trend Yesterday, June 6. In the past 4 days, BTC price was fluctuating above the $ 7,600 price level. From the Fibonacci tool, the price of Bitcoin has remained above the 0.382 (38.2%) Fib. retracement level for days. The 0.382 (38.2%) Fib. retracement level is a continuation zone for a trending market.
However, if the bears break below the 0.382 (38.2%) Fib. retracement level, the BTC market will depreciate to a low at $7,260. From the price action, the Bitcoin price can only rise if the price is is above the 12-day and 26-day Exponential Moving Averages (EMA). On the upside, if the bulls break above the EMAs, the BTC price will rise to retest the $9,000 overhead resistance. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line which is an indication of a buy signal.
BTCUSD Price Short-term Analysis
As the 1-hour chart shows, BTCUSD price is in a sideways trend. On June 4, the price dropped to the support of the $7,500 price level in a downward correction. The BTC bulls pulled back the price to its range bound zone. The 12-day and the 26-day EMAs are flattening, which is an indication that BTCUSD price is in a range bound move.
In the last four days, BTC price has been trading between the $7,600 and $7,900 levels. In this ranging market, breakouts are expected. In the meantime, the MACD line and the signal line are below the zero line which suggests that it is a sell signal.
- Resistance Levels: $8,000, $8,500 ¸ $9,000
- Support levels: $7,500, $7,000, $6, 500
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.