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Bitcoin Price Analysis – Will BTCUSD Continue The Upward Trend?

Bitcoin price was on a downward correction to the support of the 12-day EMA or at the $11,000 support level. Will the BTCUSD pair resume the uptrend?

Bitcoin Price Technical Analysis

Bitcoin (BTC) price dropped yesterday June 27 after testing the $14,000 level. Bitcoin price surge in volatility may further increase despite the slight retracement. Bitcoin price was on a downward correction to the support of the 12-day Exponential Moving Average (EMA) or at the $11,000 support level. The price of Bitcoin is above the 12-day and the 26-day EMAs, which is an indication that the price may likely continue upward.

From the Fibonacci tool, Bitcoin price broke the continuation zones of 0.236 and 0.382 Fib. retracement levels and tested the downtrend zone of the 0.50 Fib.retracement. The testing of the 0.50 Fib. retracement was well supported as the bulls made an upward move to retest the $14,000 overhead resistance level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line. This is an indication of a buy signal.

BTCUSD Price Short-term Analysis

Looking at the 1-hour chart, BTCUSD price is in a bullish trend. On June 26, the pair climbed to a high of $13,600 price level, however, the bulls met resistance. The bearish pressure continued yesterday as the bears broke below the EMAs to a low at $10,800.

The $10,800 support level was holding as the bulls commenced another upward move above the EMAs but it is facing resistance at the $12,000 price level. In the meantime, the MACD line and the signal line are below the zero line, indicating a buy signal.

  • Resistance Levels: $12,000, $12, 200 ΒΈ $12,400
  • Support levels: $11, 200,$11,000, $10, 800

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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