Bitcoin price has become volatile and indecisive while residing below $10,000 area. Can Bitcoin bulls lose ground further and push the price down below $9500 area? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
June 1, 2020, | AtoZ Markets – Bitcoin is currently trading around $9540 area and trying to decline. The price faced resistance at the falling trendline several times and had an intraday close below it. As per the current scenario, BTC found resistance around $9600 area. It’s time to see that BTC will break above the falling trendline or broke below $9500 in the coming days.
Bitcoin Bulls May Lose Momentum as the Falling Trend Is Quite Strong
BTC is currently residing near $9540 area and trying to push down. Moreover, the price is residing inside the range of $10,000 to $9000 area from an extended period.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, BTC is currently residing around $9540 area, and Bitcoin bulls may lose momentum further. As per the current price action, if the price breaks above the falling trend line, the bulls may push the price higher towards $10,000 area. Alternatively, if the price breaks below $9500 area with an impulsive bearish close, the bears may regain momentum and push the price down towards $9000 area in the process.
Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and Tenkan line. The dynamic levels may act as a strong support to push the price higher if the price breaks above the falling trendline. In contrast, if the price breaks below the dynamic levels with an impulsive bearish candle, the bears may push the price down in the days ahead.
BTC Still Indecisive Around $9500 Area
According to the daily chart, Bitcoin bulls may lose momentum while residing around $9540 area. Moreover, after the price found support at the dynamic level of 20 EMA, the bulls pushed the price higher quite impulsively but failed to break above $9500 area.
Image: Bitcoin Daily Chart
As per the current price action, if the price can have a daily bullish close above $9500 area, the bulls may push the price higher in the process. For buy trade, our first target will be $10,000 level and the second target will be $10,500. Alternatively, if the price can have a daily bearish close below $9500 area, the bears may push the price down in the coming days. For sell trade, our first target will be $9000 level and the second target will be $8500.
In addition, the dynamic level of 20 EMA is currently residing below the price. It may pull the price down as Mean Reversion. Besides, the RSI line is currently residing below the overbought level 70 and slowly rising upward. It indicates that the market is heading towards the overbought situation. Moreover, the Stochastic Oscillator lines are residing near the overbought level 80 after having a bearish intersection. It indicates that bears are gaining momentum slowly.
To conclude, as per previous month Bitcoin gained a tremendous amount of pips and reached at the psychological level $10,000 area. Currently, Bitcoin bulls may lose the momentum as all indicators are indicating probable bearish pressure in the making.