Bitcoin has become non-volatile and impulsive after bouncing from $9000 area. Bitcoin Bulls are optimistic again as the price broke above $9500 area. Can Bitcoin break above $10,000? What are the charts and technical indicators are saying? Read more to find further insights into today’s BTC/USD Technical Analysis.
June 16, 2020, | AtoZ Markets – Bitcoin is currently trading around $9500 area and retracing lower. The price broke above $9500 area on the intraday chart and may now retrace towards the dynamic level. Bitcoin price rose today during the Asian session as the U.S. economy is facing a second wave of COVID-19 pandemic. After a strong sell off, BTC found support around $9000 area and strike higher quite impulsively. As per the current scenario, Bitcoin bulls may face resistance at the Kumo cloud in the coming days.
Bitcoin Bulls Optimistic as the U.S. Economy Feeling Hit of the COVID-19 Second Wave
Bitcoin is currently residing near $9500 area and trying to bounce higher from the dynamic level of 20 EMA. Moreover, the price is still inside the ranges of $9500 to $10,000 area, which needs to be broken to climb further in the process.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is currently residing near $9500 area as bulls are optimistic again. As per the current price action, if the price can have another bullish close above $9500 area, the bulls may push the price higher towards $10,000 in the days ahead. Alternatively, if the price can have an impulsive bearish close below $9500 area, the bears may regain momentum and decline towards $9000.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may now act as a strong support to push the price upward. The Kijun line and the Tenkan line may work as a confluence of the dynamic level of 20 EMA. Besides, the MACD lines are currently residing below 0.00 level and had a bullish cross over, which indicates bulls may hold the bullish momentum further.
BTC Bullish Trend May Sustain Further
According to the daily chart, Bitcoin bulls are optimistic as a result BTC climb higher against the U.S. Dollar. After bouncing from $9000 area, the bulls recovered higher and closed above the uptrend line. As per the current price action context, BTC had a bullish pin bar above the dynamic level, which indicates bulls are quite strong.
Image: Bitcoin Daily Chart
So, if the price can have a bullish impulsive daily close above $9500 area, the bulls may push the price higher towards $10,000 area as a first target. After that, if the price can also break above $10,000 area, the bullish pressure may sustain towards $10,500 as a second target in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may act as strong support. Also, the RSI line has bounced from middle level 50. It indicates the bulls are quite strong.
To conclude, Bitcoin has regained bullish momentum after taking a deeper retracement. A daily close is needed to find the definite momentum in the coming days.