Bitcoin (BTCUSD) Price Forecast: June 21
BTCUSD price is heading towards the $35000.00 supply level as the coin now trades above the resistance levels. The coin is facing a new correction to resume its upward rally. A possible breakout from this resistance will offer a higher footing for prices to bolster further price rally. The $31050.00 breakout could push the prices higher to hit the $35000.00 supply level.
Key Levels:
Resistance Levels: $25000.00, $26000.00, $27000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The BTCUSD pair is in a bullish market zone in its higher time frame as can be seen from the chart below. The price is currently recovering and trades above the EMA-9. This is an indication of an uptrend.
The bullish reversal at the $26506.56 high value on the 17th of June has sustained the crypto above the trend line in its recent high.
The bulls increase their pressure and move the market price of Bitcoin up to a $26571.10 high level as the daily chart opens today. This makes it possible for the coin to remain positive and good for a BUY position. This gives room for a more bullish impact in the market at the moment.
Should the bulls increase their momentum, the price of BTCUSD might breakout from the current supply to hit the previous high of $31050.00 high value.
In addition to that, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bull run and the target might be the $35000.00 upper resistance level in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Due to the high bullish impact, the market value of Bitcoin on the medium-term time frame (4H) is seen above the moving averages at the upper resistance trend level. This means that the pair is in a strong bullish trend.
The coin has been having a series of higher highs and higher lows in the past few hours which have sustained the bullish impact on the cryptocurrency.
The crypto’s price rises to a $26571.10 supply level above the two EMAs after the recent threat of increasing. Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong break up above the $28277.56 resistance point would strengthen the bullish pressure.
In a like manner, the momentum indicator which is pointing up also indicates that the price action of BTCUSD will remain in an upside and a $35000.00 upper high level might be the target in the days ahead in its medium-term perspective.
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