In today’s Bitcoin price analysis, the BTCUSD bulls broke the upper price range yesterday, June 16 and reach a high of $9,400 price level. Is $10,000 the next target?
Bitcoin Price Analysis
In retrospect, Bitcoin (BTC) price was in the bullish trend zone last week. The price of Bitcoin had been fluctuating between the levels $7,600 and $8,800 and was unable to break the upper price range. However, yesterday, June 16, BTC bulls broke the upper price range as was earlier predicted and reach a high of $9,400 price level and met resistance at the $9,400 level.
Bitcoin price was in a downward correction and dropped to the support of the 12-day Exponential Moving Average (EMA). On the upside, if the 12-day EMA holds, Bitcoin price will rise to retest the $9,400 resistance level. On the other hand, if the bears break below the 12-day EMA, there is a possibility of Bitcoin price dropping to the previous price range.
From the Fibonacci tool, BTC bulls made an upward move in the 0.236 (23.6%) continuation zone. Nevertheless, the downward correction was from the 0.236 (23.6%) to the 0.382 (38.2%) Fib.retracement zones. The price of Bitcoin found support in the 0.382 Fib. retracement level. The 0.236 (23.6%) and the 0.382 (38.2%) Fib.retracement levels are the continuation zones for a trending market. If the bulls are able to defend the 0.382 Fib.retracement level, Bitcoin price would rise. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, an indication of a buy signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is in a bullish trend. Yesterday, BTC bulls broke the $8,800 resistance level and reached the $9,400 price level. After BTCUSD price tested the $9,400 level, the bulls met resistance and the price dropped to the support of the 12-day EMA.
At the Support of the 12-day EMA, the bulls made an upward move but were resisted at the $9,300 price level. The BTCUSD price declined below the EMAs to a low at $8,942 price level. In the meantime, the MACD line and the signal line are above the zero line which is an indication of a buy signal.
- Resistance Levels: $9,000, $9,200 ¸ $9,400
- Support levels: $8,800, $8,600, $8, 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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