In today’s Bitcoin price analysis, if the bulls break the $9,000 price level, the price will rise and reach the next overhead resistance of $10,000. What if they don’t? Gain insight into the following analysis.
Bitcoin Price Medium-Term Analysis
From the past week. Bitcoin (BTC) price was in a bullish trend zone as it had tested the $9,000 overhead resistance. However, on May 30, the bulls were resisted and the price of BTC dropped to the support level at $8,000. This price level was the previous resistance level which is now a support level. BTC bulls defended the $8,000 support level as the price made an upward move. On May 31, the bulls were able to break above the Exponential Moving Averages (EMAs) to reach the bullish trend zone.
In the first upward move, the bulls tested the $8,800 resistance level and were repelled. If the price is sustained above the EMAs, the bulls are likely to break the initial resistance at the $8,800 price level. On the upside, if the bulls are able to break the $9,000 price level, BTC price will climb to the next overhead resistance of $10,000. On the other hand, Bitcoin price may drop to the low of either $8,000 or $8,200 support level if the bulls fail to break the $9,000 price level.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is in a sideways trend. After BTC price dropped from the $9,000 overhead resistance, the 12-day and the 26-day EMAs were trending horizontally. Yesterday, the bulls made an upward move but met resistance at the $8,800 price level. As a result, BTCUSD price dropped to the support of the 12-day. Bitcoin price now ranges below the $8,800 price level.
The price is above the EMAs which is an indication that price is likely to rise to retest or break the $8,800 price level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are above the zero line to indicate a buy signal.
- Resistance Levels: $8,800, $9,000 ¸ $9,200
- Support levels: $8,600, $8,400, $8, 200
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.