Bitcoin (BTC) Price Prediction – June 13
BTC/USD may likely form a bullish pattern above $9,500 and the coin could soon rally towards $10,000 once it clears the $9,800 resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,500, $10,700, $10,900
Support Levels: $8,400, $8,200, $8,000
BTC/USD might be able to surge back to the $10,000 level. The number one cryptocurrency may be entering into a buying trend, which means that traders should be very careful about shorting BTC’s recent price recovery. Yesterday, BTC/USD climbed above the key $9,500 resistance level above the 21-day moving average. Meanwhile, the cryptocurrency market is mostly in the red on Saturdays.
However, the Bitcoin bulls may be getting ready in readiness for a barrier-breaking mission to $10,000. The immediate upside is limited by the resistance at $9,800. Although, BTC/USD hit highs around $9,567 yesterday before retracement kicked in today. The Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $9,800 and to avert the impact of the wedge pattern, BTC must correct above this level.
Currently, the market price for BTC/USD and the daily candle is trading at $9,425.99 below the 9-day and 21-day moving averages. The next resistance levels lies at $10,500, $10,700 and $10,900. However, if the Bitcoin price failed to cross above the moving averages; we may see a price cut to break below the channel at $9,000 vital support. A further low drive could send the price to $8,400, $8,200, and $8,000 supports. For now, the bulls are still defending critical support of $9,331.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Since May 28, BTC/USD has been trading within the range of $9,127 to $10,220. Nevertheless, Bitcoin has not yet closed below $9,000; currently hovering at $9,408 below the moving averages and is still in the loop of making a bounce back.
On the downside, the immediate support is near the $9,300 and the price might slide sharply below $9,250 which may likely test the main support at $9,100 and below. Looking at the 4-hour chart, BTC/USD is waiting for either a bounce or break as RSI (14) moves in the same direction, suggesting a sideways movement.
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