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Bitcoin Price Analysis – BTCUSD Breaks Above $9700, Targets $10,000

Today, Bitcoin price is trading above the $9,700 level. BTC bulls will overcome resistance levels if more buyers are introduced at the upper price levels.

Bitcoin Price Technical Analysis

Bitcoin (BTC) price was in the bullish trend zone yesterday June 20 as the bulls broke the $9,400 overhead resistance level. Bitcoin price had been battling to jump over the $9,400 resistance level since June 17. However, today, June 21, Bitcoin price is trading above  $9,700 as at the time of writing. Bitcoin price now targets the $10,000 level.

From the Fibonacci retracement level, Bitcoin price is trading above the 0.236 and 0.382 Fib. retracement levels. These are continuation zones for a trending market. Bitcoin price is expected to break the $9,400 resistance level. On the upside, BTC bulls will overcome resistance levels, if more buyers are introduced at the upper price levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which suggests is a buy signal.

BTCUSD Price Short-term Analysis

Looking at the 1-hour chart, BTCUSD price is in a smooth uptrend as it is making a series of higher highs and higher lows. BTC bulls have succeeded in breaking the $9,400 resistance levels. BTCUSD price rising at this level means that we have more buyers than sellers at the upper price levels. In the meantime, the MACD line and the signal line are above the zero line, an indication of a buy signal.

  • Resistance Levels: $9,700, $9,800 ,$9,900
  • Support levels: $9,500, $9,400, $9, 400

Disclaimer

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.

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