Bitcoin bulls are rejected by $10,000 resistance area and had a daily close below it. Bitcoin price failed to break above $10,000 psychological area, but bulls are still optimistic about recovering further. What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
June 4, 2020, | AtoZ Markets – Bitcoin is currently trading around $9660 area and trying to push higher. The price found support around $9500 area and had a daily bullish pin bar close. Bitcoin price rose today against the U.S. Dollar during the Asian session. BTC is currently correcting above $9500 support area. Moreover, “Bitcoin going on the major Bull Run in 2020, which may hit the all-time high of $20,000,” Bloomberg said. As per the current scenario, BTC price still quite indecisive, its time to see that the price of Bitcoin will push higher or break below $9500 area in the process.
Bitcoin Failed to Break Above as Investors Sentiments Worked Negatively
BTC is currently trading around $9660 area and trying to recover higher. Moreover, the price broke above the dynamic level of 20 EMA on the intraday chart, but the breakout not quite convincing.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is currently residing near $9660 area and facing resistance at the Bollinger Band’s middle band. As per the current price action, if the price breaks below $9500 area, the bears may push the price down towards the bullish channel support, which is around $9060 area. In addition, if the price reaches the bullish channel’s support and bounces higher, the bulls may climb higher towards $10,000 again.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as a strong support if the price breaks above the Bollinger Bands middle band. In contrast, it may act as strong resistance if the price breaks below it. Besides, the Bollinger bands middle band is currently holding the price as resistance. It indicates that the price may push down towards the lower band. Moreover, the Stochastic Oscillator lines are residing below the price after having a bearish cross over. It indicates bears are trying to push down.
BTC Bulls Holding the Momentum
According to the daily chart, Bitcoin failed to break above $10,000 psychological area and had a strong bearish rejection on last Tuesday. As well as that, Bitcoin managed to have a daily bullish close above $9500 area, which indicates bulls are still in the market. As per the current price action, if the price pushes higher and breaks above $10,000 area with an impulsive daily close, the bulls may recover further towards $11,000 area in the coming days.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and Tenkan line. The dynamic level may work as strong support to push the price higher. The Kijun line and the Tenkan line may work as a confluence of the dynamic level. Besides, the Chikou Span also bounced from $9500 area, which is a good sign of the further upward momentum. Also, the MACD lines are currently residing above 0.00 level and may have a bullish intersection.
To conclude, Bitcoin still has the potential to recover further as U.S. Dollar index weakening because of the ongoing protest. A daily close is needed to find the definite momentum in the coming days.