Bitcoin has become extremely volatile while residing inside the ranges of $10,000 to $9000 area. Bitcoin all set to break above $10,000 psychological area as the price found support on the dynamic level. What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
June 24, 2020, | AtoZ Markets – Bitcoin started downward correction after reaching $9780 area against the US Dollar. Bitcoin is currently trading around $9640 area and trying to push lower. The price found support on the uptrend line and had a bullish impulsive candle close above $9500 area. As per the current scenario, BTC may retrace down towards the dynamic level of 20 EMA in the coming days.
Bitcoin All Set to Break Higher as Investors Looks Interested
BTC is currently residing near $9640 area and trying to retrace down. Moreover, after breaking above $9500 area, Bitcoin has become corrective and volatile on the 4-hour chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is currently residing near $9640 area while the bulls all set to above $10,000 area. As per the current price action, the bears may push the price down towards $9500 area for a retracement. So, if the price reaches towards $9500 area and bounces higher, the bulls may push the price higher towards $10,000 event level.
In addition, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line. The dynamic level may pull the price back to the mean. The Kijun line may work as a confluence of the dynamic level. Besides, the MACD lines are currently residing above 0.00 level and may have a bearish intersection. Also, the histogram is gradually sloping down, which indicates bulls are losing momentum for a while.
BTC to Reach Towards February’s High
According to the daily chart, BTC is currently residing near $9640 area after a daily bearish close of yesterday. Moreover, Bitcoin broke above the dynamic level of 20 EMA quite impulsively, may all set to above $10,000 area. So, if the price can have a daily bullish close above yesterday’s bearish candle, the bulls may recover higher towards $10,000 area.
Image: Bitcoin Daily Chart
In addition to this, if the price can break above $10,000 area with an impulsive bullish close, the bulls may surge higher towards $10,500 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may act as strong support to push the price upward. Besides, the RSI line is currently residing above the middle level 50 and gradually moving upside. It indicates bulls are still holding the momentum.
To conclude, Bitcoin bulls are still optimistic may all set to above $10,000 psychological area. A daily close above or below $10,000 area will help to identify the definite momentum in the coming days.