Bitcoin (BTC) Price Analysis – June 21
For the past few days, the BTC price has been soaring higher after the retracement $7500, where the ascending trend line rises from. If Bitcoin bears enter the market, the price may drop to $9500 and below. At the moment, the market is following a bullish sentiment
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $10000, $10500
Support levels: $9000, $8800
It has been an exciting moment for Bitcoin trading in the past twelve days as the market saw a price increase of about 20% gain after the pullback to $7500. As of the time writing, Bitcoin hovers around $9752 price level. The price action is building towards the $10000 and $10500 resistance as volatility may continue to surge up.
The daily MACD indicates that bulls are in the market as it swings up. In the same direction, this pair is trending higher towards the overbought zone as revealed on the daily RSI. In case the market makes a short move, the key support to expects selling pressure lies at $9000 and $8800.
BTC/USD Medium -term Trend: Bullish (4H Chart)
Bitcoin is currently following an ascending channel on the medium-term outlook as the market aims at $10,000 and $10,250 resistance. But as the market appeared now, Bitcoin market has dropped a little after recording a new price at $9890 level. However, the buyers are holding positions tightly.
A view at the 4-hours MACD shows that BTC price is increasing for the past ten days. If the market reverses, the sellers may pull the price down to $9500 and $9250 supports. Moreover, the 4-hours RSI shows a crossover, which reflects the ongoing bullish market.
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