Bitcoin (BTCUSD) Price Forecast: June 13
The BTCUSD will breakout from the support soon. The coin has been in a down trend for a while and is on the verge of reversal at the moment. An increase in the bulls’ pressure may breakup the previous supply at $31050.00 value and this may swing up the crypto price to the $35000.00 upper resistance levels and beyond.
Key Levels:
Resistance Levels: $24000.00 $25000.00, $26000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
Bitcoin is bearish in its long-term outlook. The price now trades in a bearish market due to the interference from the bears.
The sustained market sells –off by the bears at the $25385.52 support level during the yesterday trading session has contributed to its bearishness in its recent low.
Actions from the bears further dropped the coin price down to the $25648.00 support level below the two EMAs as the daily chart resumes today.
Now, if the bulls should put extra efforts and the coin price on the daily chart closes above the $29900.00 high value, then there is a high probability of the price going up to its recent swing high, which is $31050.00 mark.
Further, the BTCUSD pair is now pointing up below level 20% of the daily stochastic. It indicates that the selling pressure will end soon. We now expect the emergence of the bulls to return the price of Bitcoin to the upside soon. Thus, the upcoming bullish correction rally may likely push us high to a $35000.00 high mark and beyond in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The momentum on the medium time frame (4H) is undeniably bearish. The prices are below the moving averages, this means it’s in a bearish market.
The bearish pressure at the $25584.16 support level in the past few hours has made the coin stayed below the supply trend levels.
Earlier today, the bulls made a price correction at the $25857.81 supply value below the supply levels; this indicates that the bulls are trying to resume the uptrend move to dominate the market.
Further, continuation to the north is likely as the market also points up on the daily stochastic, so the buy traders are already set to dominate the market activities. We can expect the buy traders to hit the $35000.00 resistance trend line as the journey up north continues in its medium-term outlook.
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