Bitcoin Price Prediction: BTC/USD Trades Below $38,000 Resistance
Bitcoin Price Prediction – June 10
The Bitcoin price is currently down with 1.21% after touching the daily high of $38,425 as it is now moving towards the $36,000 support.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $30,000, $28,000, $26,000
The daily chart reveals that BTC/USD failed to break above the previous resistance level of $38,000 with the current consolidation pattern. As the Bitcoin price fails to stay above the $38,400 level, the coin may likely see a sharp drop below the 9-day and 21-day moving averages. However, the red-line of 9-day MA is yet to cross above the green-line of the 21-day MA as the Relative Strength Index (14) moves below 45-level.
Bitcoin Price Prediction: BTC Bulls May Gather Momentum to push Higher
The daily chart reveals that the Bitcoin price refuses to keep moving above the resistance level of $37,000 as the coin may set up another few days of negative price declines below this level. Therefore, the first support level is located at around $35,000. Beneath this, support lies at $30,000, $28,000, and $26,000 levels. Meanwhile, a break above the previous level of $37,500 could set Bitcoin up to retest the $38,000 level.
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As of writing these lines, the Bitcoin price is likely to retest the lower boundary of the channel amid the $36,000 level, which could become new support. Furthermore, we can clearly see that the Bitcoin price could fall below the 9-day and 21-day moving averages. Today, BTC/USD touches$38,425 but went on to roll over and drop back beneath the $37,000 level. Although the candle is still yet to close, however, it does look unlikely that the bulls may end up closing above this level. More so, toward the upside, resistance levels are located at $44,000, $46,000, and $48,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the Bitcoin bears are now stepping back into the market pushing the BTC price below its previous support level that existed around $37,000. Although the Bitcoin price has not yet slipped below $36,000, it’s still in the loop of making a bounce back.
Presently, the Bitcoin price is likely to cross below the 9-day and 21-day moving averages but the upward movement may likely push the price to the nearest resistance at $39,500 and above. Any further bearish movement may locate support at $35,500 and below. The technical indicator Relative Strength Index (14) stays below 60-level, which indicates sideways movement.
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