Bitcoin (BTCUSD) Price Forecast: June 7
The Bitcoin (BTCUSD) price is set for another bullish rally after a long dip dump by the bears. In case the bulls manage to break up the pattern’s resistance trend line at the $31050.00 high value, a possible relief rally may drive the coin market price up to the $35000.00 resistance mark and beyond which would accelerate the new correction phase.
Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
Bitcoin market is having a bearish posture in its long-term outlook as can be seen from the chart above. The price bar can be seen in green slightly below the two EMAs. Thus, the bulls are set to push us higher from this trend line.
The inflow from the sell traders at the $25391.43 support value during the yesterday’s session contributed to its bearish momentum. However, the bulls are now in the market to turnaround the trend.
Today, the buy traders made a correction at a $25741.50 value which further increases to the $25827.07 supply mark below the moving averages to resume its uptrend. This indicates an established bull trend.
Therefore, if the bulls could increase their tension in the market, the price tendency will move above the key supply levels.
Adding to this, further jumps are possible; the market is indicating an uptrend below the 20% range of the daily stochastic. It indicates that the BTCUSD market is oversold. This will compel the buying pressure to resume fully and the new bullish pattern may hit the $35000.00 upper high mark in the days to come in its long-term outlook.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The coin price still trades in a bearish market in its medium-term perspective. The price of BTCUSD is also trading below the two EMAs indicating a bearish trend.
The bears acted bravely during the previous action by dumping the price of Bitcoin down to a $25391.43 low value below the moving averages with a long bearish candle. This really made the coin price stay below the supply levels in its recent times.
After series of downward moves, the bulls’ successfully resumed and pushed the price of Bitcoin to a high at the $25827.07 trend line after the 4-hourly chart opens today. Moreover, this new moves will actually strengthen the price recovery.
In addition, the daily stochastic is in an upward direction, therefore, if the buy traders successfully keep the coin prices above the $29555.05 resistance level, the target might be the $35000.00 supply level soon in its medium-term time frame.
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