Bitcoin (BTC) Price Prediction – June 15
BTC/USD breaks beneath the channel to trade at $8,863 support level but the coin is now trying to recover as it attempts to break back above.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $10,400, $10,600, $10,800
Support Levels: $8,500, $8,300, $8,100
After touching the daily low of $8,863, BTC/USD is now attempting to rebound higher. Today, Bitcoin (BTC) managed to find support below $9,000 and now making its way toward the $9,500 region again. Moreover, despite all the recent declines in price, the Bitcoin (BTC) still remains in trading sideways below the 9-day and 21-day moving averages.
However, Bitcoin is currently neutral at this moment in time and it may prevent itself from turning bearish if the coin can manage to break back above the moving averages pretty quickly. Similarly, for the coin to start creating a short term bullish trend, it would need to break above $9,500. More so, if the bulls push higher, the first level of resistance lies at $9,800. Above this, other resistance levels are located at $10,400, $10,600, and $10,800.
On the other hand, if the sellers push lower, the support lies at $8,500, $8,300, and $8,100. If the selling continues, another support lies at $7,900. Meanwhile, as the daily chart reveals, the RSI (14) is suggesting sideways movement for the coin where the signal line is moving in the same direction around 50-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart reveals that the market is following a positive sign as the price moves above the 9-day and 21-day moving averages. However, the intraday trading is looking bullish; following the recent rebound at $8,683 which is the key support level but now trading at $9,450. The next key support levels lie at $9,100, $8,900, and $8,700.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $9,500 resistance. A climb above the mentioned resistance may further push BTC price to $9,800, $10,000, and $10,200 resistance levels. As it is now, it seems the market may likely follow the new bullish movement as the stochastic RSI focuses and moves into the overbought zone which could continue the upward direction.
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