Bitcoin bulls have regained momentum and climbed over $35,000 to $36,000 resistance area. Bitcoin strikes above $35,000 significant event area. The bulls to continue the bullish pressure further in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
June 10, 2021, | AtoZ Markets – Bitcoin price climb today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $36,600 area and trying to retrace downside. After breaking below $36,000 to $35,000 event area, the bears pushed the price down impulsively and hit May 2021’s low. However, the bulls managed to regain momentum and surged over $35,000 to $36,000 price area again with an impulsive daily bullish candle. As per the current price action, the price may retrace downward towards the dynamic level on the intraday chart in the coming days.
Bitcoin Strikes Above as the Investors Are Still Optimistic
BTC is currently residing near $36,600 price area and trying to push lower. However, the dynamic level of 20 EMA is still residing over the price on the daily chart.
Image: BTC 4 Hour Chart
According to the 4-hour chart, Bitcoin strikes over and currently trading around $36,600 area. As per the current price action, the price may retrace downside towards $36,000 to $35,000 area in the process. So, if the price retraced towards $36,000 to $35,000 area and bounced upside with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $40,000 to $41,000 area in the coming days. On the contrary, if the price can break below $36,000 to $35,000 area with an impulsive bearish candle, the bears may regain momentum and push the price down towards $32,000 to $31,000 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. However, the bears may regain momentum if the price can break below the dynamic level in the process. Also, the Stochastic Oscillator lines are currently residing above the overbought level 80 and had a bearish crossover. It indicates that the price may retrace downside in the coming days.
BTC May Decline Further
According to the daily chart, Bitcoin strikes over, but the bears are still active on the market. As per the current scenario, if the price can have an impulsive daily bearish candle close below $36,000 to $35,000 area, the bears may sustain the bearish pressure towards $32,000 to $31,000 area as a first target. The second target will be $26,000 to $25,000 area if the price can break below $32,000 to $31,000 support level in the process.
Image: BTC Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price down if the price can have a bearish candle close below it. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead.
To conclude, as long as the price residing below $41,000 to $40,000 resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.