Bitcoin has seen major price instability for the past few days. As of now, it seems the market sentiments are yet to determine which side to back in the light of the most recent bear attack which saw prices plunging below $9,500 area.
After a short-term bull rush on Monday, June 15 which accompanied the bulls ahead of the resistance at the $9.5k area, sellers took turns and directed prices wrecking towards the $9.4k area in a matter of days.
Although, in the tug-of-war efforts between the market buyers and sellers, the price of bitcoin appeared to claim an impartial tempo this week. The price resolved above the resistance at $9.4k and, ever since has been striding to test the subsequent resistance at $9.5k
BTC Technical Analysis
At the time of this analysis, the BTC/USD price is changing hands at $9,448. The instantaneous upside is supported by the short term possibility of breaking through the Bollinger band midline. Also, The Relative Strength Index (RSI) seems to be roaming back into the oversold region (below 50).
This move would proceed to motivate more sellers to enter the market with growing enthusiasm. A shoot out of the major resistance at $9,450 could also improve the price beyond $9,500.
Also read , Bitcoin price prediction 2020
In case of a bullish run above $9,500, immediate resistance is found at the $9600 area. This is the previous high from Monday. Additional resistance at other areas to attend to are within $9700 – $9900 range in the unlikely short term perspective.
The above possibility is maintained by resistance at $9800 – $10,000 level. Again, this is the most substantial price action area for the Bitcoin bulls’ short-term ambitions.
If the bears persist an attack, the initial degree of support lies at the $9,300 area. In event that Bitcoin continues a move downwards from here, the next support level maybe is $9,250, $9,100, and finally, $9,000 area (the critical weekly support).