Bitcoin price forecast – June 9th

Bitcoin (BTC) will recover from an early decline to $ 32,408 as the buying rate could rise as it approaches $ 37,000.

BTC / USD long term trend: upward (daily chart)

Key levels:

Resistance levels: $ 42,000, $ 44,000, $ 46,000

Support levels: $ 27,000, $ 25,000, $ 23,000

BTCUSD – Daily chart

BTC / USD is bullish when the market set the lowest low yesterday at around $ 31,000, but is currently rising higher to test previous support at $ 35,000. The bulls have observed fierce resistance around $ 36,000 on the road to healing, and the least resilient path seems to be rising upward in the near future in the midst of a favorable rising technical installation.

Bitcoin Price Forecast: What would happen to Bitcoin Price?

In the last few hours Bitcoin price touching the daily peak of $ 36,950, the first digital asset has faced a $ 36,000 resistance level and expects to touch a second $ 37,000 resistance level. However, the daily chart technically reveals that if the red line of the 9-day moving average exceeds the green line of the 21-day moving average, this determines the direction followed by the next coin. In other words, BTC / USD may fall if the $ 32,000 subsidy breaks, while the price may rise if the $ 37,000 resistance breaks.

Are you looking to buy or exchange Bitcoin (BTC) now? Invest in eToro!

75% of retail investors’ accounts lose money when trading CFDs with this provider

However, the bears can take advantage by cutting off the $ 32,000 subsidy if the bulls are unable to carry over the price beyond the 9-day and 21-day maximum allowable value. At the same time, the technical indicator Relative Strength Index (14) is now facing north as the signal line moves above 40 levels, indicating upward movement in the market. Therefore, if the price of Bitcoin exceeds the 9-day and 21-day MA, it may hit resistance levels of $ 42,000, $ 44,000, and $ 46,000, but exceeding the channel’s lower limit may reach subsidies of $ 27,000, $ 25,000, and $ 23,000.

BTC / USD Medium Term Trend: Fluctuating (4H chart)

According to the four-hour chart, the Bitcoin price is seen to withdraw in the technical indicator’s relative strength index for nasal dives below the 60 level after the royal coin touches a high of $ 36,950. But upwards, if the price remains above the 9-day and 21-day moving averages in the short term, the upward effect could increase and the accumulated gains massively.

BTCUSD – 4 hour chart

However, the current candle could fall to the initial support level of $ 35,500. On the downside, the final target is still $ 34,000 and below. The best thing bulls can do is keep $ 36,000 above weak support and keep their attention on breaking resistance by $ 39,000 or more.

Are you looking to buy or exchange Bitcoin (BTC) now? Invest in eToro!

75% of retail investors’ accounts lose money when trading CFDs with this provider

LEAVE A REPLY

Please enter your comment!
Please enter your name here