- On the upside, if the bulls break the $9,000 price level, the crypto’s price will rise and reach the next overhead resistance of $10,000.
- On the downside, if the bulls fail to break the $9,000 price level, the coin may reach the low of either $8,000 or $8,200 support level.
BTC/USD Medium-term Trend: Ranging
- Resistance Levels: $8,800, $9,000 ¸ $9,200
- Support levels: $8,600, $8,400, $8, 200
Last week the price of Bitcoin was in a bullish trend. On May 27 and 30, the BTC market tested the $9,000 overhead resistance and was resisted. On May 30, the BTC market fell to the support level at the $8,000 price level. The $8,000 price level was the previous resistance level, now a support level.The bulls defended the $8,000 support level as the BTC market made an upward move. On May 31, the bulls break above the 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 break the $9,000 price level, the crypto’s price will rise and reach the next overhead resistance of $10,000. On the downside, if the bulls fail to break the $9,000 price level, the coin may reach the low of either $8,000 or $8,200 support level.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a sideways trend. After price had fallen from the $9,000 overhead resistance, the 12-day EMA and the 26-day EMA were trending horizontally. On June 2, the bulls made an upward move but were resisted at the $8,800 price level.
The market fell to the support of the 12-day. The BTC market now ranges below the $8,800 price level. The crypto’s price is above the EMAs which indicate that price is likely to rise to retest or break the $8,800 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
Bitcoin’s price is $8,531.52 BTC/USD exchange rate today. The real-time BTC market cap of $151.33 Billion currently ranks #1 with a chart dominance at 55.90%, daily trading volume of $5.55 Billion and live coin value change of BTC -2.59 in the last 24 hours.
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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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