Bitcoin Price Analysis: BTC/USD bulls unstoppable towards $10,000
- 16th June 2020
- Posted by: Hakeem
- Category: Crypto, FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
- Bitcoin slump below $9,000 created fresh demand as more investors bought low in anticipation of $10,000.
- BTC/USD after stepping above $9,500 stalls at the 61.8% Fibo; eyes still glued on $10,000.
Bitcoin price fall under $9,000 on Monday was not a bad thing after all. The lower price levels gave BTC great balance reclaiming the position above $9,000. At the same time, it allowed a breath of fresh air into the momentum as more buyers entered to buy low.
Recovery from the dip has been consistent, to say the least. There was a struggle to clear the resistance at $9,500 especially with the sellers’ mission of forcing BTC back to $9,000. However, the unstoppable bulls have taken down the resistance at $9,500 and are currently working on the sole mission of pulling Bitcoin above $10,000.
Bitcoin price is trading above the 50 SMA; likely to provide support at $9,333.59 and the 100 SMA currently holding the ground at $9,384.30. In addition to that, the recovery from the dip initially stepped above the trendline which later culminated in a breakout above $9,500.
For now, the price is battling the resistance at the 61.8% Fibonacci retracement level taken between the last swing high of $9,969.84 to a swing low at $8,900. It is apparent that a break above this zone would give the bulls a chance to shift their focus back to $10,000. Besides, the RSI is already in the overbought region. The indicator shows that there is still room for growth. In addition to that, the MACD strongly confirms the bullish momentum. A bullish divergence inside the positive region places the bulls in the driver seat, at least for now.
Despite the struggle at the 61.8% Fibonacci level, the most prominent trend is bullish. Therefore, buyers’ must focus on higher levels while urging more investors to join the market.