Bitcoin bounced higher after reaching $9000 psychological support area, but still indecisive. Bitcoin price sustained above $9000 area against the US Dollar. Will bulls strike back? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
July 1, 2020, | AtoZ Markets – BTC is currently trading around $9150 area and quite corrective. After rejecting $9770 area, Bitcoin price sharply declined towards $9000 support level. As per the current scenario, BTC has become quite volatile. A strong momentum may help to identify the next bias in the coming days.
As of late distributed information from Glassnode appears there is right now more than 1,800 Bitcoin whales. From a large scale point of view, this expansion in the number of whales can be viewed as bullish. Furthermore, the terms whale is utilised inside the cryptocurrency market to portray a separate investor that holds a lot of Bitcoin. Ordinarily, whales are quickly Bitcoin investors or well off people that recently enter the crypto market.
Bitcoin Sustained Above the Psychological Level as the U.S. Economy Is Sinking
BTC is currently residing near $9150 area and consolidating. Moreover, the price still residing inside the ranges of $10,000 to $9,000 area from an extended period.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin sustained above $9000 support and currently trading around $9150 area. As per the current price action, if the price break below the $9000 support level, the bears may push the price down towards $8700 area in the coming days. Alternatively, if the price can have a 4-hour bullish close above the dynamic level of 20 EMA, the bulls may recover higher towards $9500 area.
In addition, the dynamic level of 20 EMA is currently residing above the price. It may act as a strong support to push the price downside. Besides, the Stochastic Oscillator lines are currently residing above the oversold level 20 and had a bullish intersection. It indicates that bulls are gaining momentum slowly.
BTC Bulls May Lose Momentum
According to the daily chart, BTC is currently trading around $9150 area and trying to decline. Also, the price broke below the dynamic level of 20 EMA, along with the Kijun line and the Tenkan line. As per the current price action, if the price can have a daily close below $9000 area, the bears may sustain the bearish pressure further towards $8500 area. In contrary, if the price can have a bullish daily candle close above $9000 area, the bulls may strike higher towards $9500 area in the process.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. The dynamic level may work as strong resistance to push the price down. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level. Moreover, the MACD lines are currently residing above the 0.00 level and gradually sloping downward. It indicates that bears may sustain the bearish pressure further.
To conclude, Bitcoin sustained above $9000 support zone indicates that bulls are still trying to hold the momentum. A daily close is required to find the definite momentum in the days ahead.