Bitcoin (BTC) Price Prediction – June 1
Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,400.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,800, $11,000, $11,200
Support Levels: $8,300, $8,100, $7,900
Bitcoin is currently trading 1.46% higher on the day. BTC/USD opened the session at $9,415 and now adjusting upwards to the prevailing market value of $9,584. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may stay range-bound during the next trading hours as the coin moves above 9-day and 21-day moving averages. Meanwhile, the technical indicator stochastic RSI may start moving sideways.
At the opening of the market today, after testing the low of $9,415, BTC/USD is currently trading at $9,584. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $10,000, and traders may see $9,200 to $9,000 being tested again before pushing higher.
On the downside, if the market decides to fall, the price of Bitcoin could fall below the moving averages at $9,000, and if that support fails to hold the sell-off, traders could see a further decline below the lower boundary of the channel and towards the support levels of $8,300, $8,100 and critically $7,800. All the same, any further bullish movement towards the upper boundary of the channel may hit the resistances at $10,800, $11,000, and $11,200.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $9,800. However, the volatility hovers, and the selling pressure still exists which leads the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $9,200 and below may come into play if BTC breaks below moving averages.
However, in as much as the buyers can still reinforce and power the market, traders can expect a retest at $9,800 resistance level, and breaking this level may further allow the bulls to reach $10,000 and above. The RSI (14) is seen trading around 58-level which shows that more bullish signals may likely play out.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.