Bitcoin (BTC) Price Prediction – July 6
The Bitcoin price is finally seeing a glimpse of hope today with a decent 2.38% price increase climbing above $9,250.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,900, $10,100, $10,300
Support Levels: $8,600, $8,400, $8,200
Looking at the daily chart, BTC/USD is bracing for a jump to the resistance level of $9,500 but as it is now; the coin is seen moving between $9,059 to $9,374 levels. Whether BTC/USD is going up or down depends on this range as the technical indicator RSI (14) is seen moving in uptrends.
However, if the daily price can close above the current price of $9,290, a movement to $9,900, $10,100, and $10,300 resistance levels may likely come into focus. In other words, if the daily price closes below $9,000, the coin might drop slightly crossing down below the 9-day moving average while the red-line of 9-day MA may serve as the critical support for the coin but a break below this may lead to a further supports at $8,600, $8,400, and $8,200 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the price of Bitcoin is currently moving around $9,279 and above the 9-day and 21-day moving averages after a reversal from $9,342. Meanwhile, the hourly chart reveals that the bullish supply is coming up slowly in the market while the bears are also trying to drag the price down.
However, if the buyers could put more effort, they can further push the price to a $9,400 resistance level. Therefore, breaking the mentioned resistance could also test the $9,450 and above. More so, the RSI (14) is seen recovery from the overbought zone, which may allow the sellers to step back into the market bringing the price back to the support level of $9,100 and below.
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