On June 2, the Bitcoin cryptocurrency rate overcame a key resistance barrier at $ 10,000 and fixed above this level. Therefore, BTC/USD should rise to $ 11,200 by June 9th.
Key Points
- BTC price has reached a record high over the past three months – $ 10,371 (Bitstamp exchange data).
- A bull trend line has formed with support at the level of $ 9,740.
- The nearest resistance zone is at $ 10,371.
As a result of the bull run, which started on May 27, the value of Bitcoin increased from $ 8700 to $ 10,371. During the pump, buyers struck several powerful barriers: $ 9,400, $ 9,500 and $ 10,000. Now BTC/USD is correcting to $ 10,100.
A support zone is being consolidated around $ 10,000, which will protect the asset from losses in the near future. The next barrier is at $ 9,875, which coincides with the 50% Fib recorded during the growth of the BTC price from $ 9378 to $ 10,371. Moreover, an uptrend line has already formed on the chart, which tends to the nearest resistance barrier – $ 10,371.
What Level Will the Bitcoin Rise To?
If the bulls break down $ 10,371, BTC/USD will reach the next barrier – $ 10,500. Successfully overcoming this barrier will mean a further increase in the value of the coin to $ 11,200. There is a possibility of a BTC exchange rate correction to $ 9,500 before a new round of upward movement. However, most likely, the bulls will give at least one more impulse and begin to dump cryptocurrency.
In May, BTC/USD dynamics repeatedly went beyond the bearish trend that arose in June 2019. Each time, the BTC price quickly rolled back, but BTC/USD has been holding above the downtrend line since May 27. This fact, combined with recent halving, makes it possible to make a forecast for the preservation of a bull trend in the Bitcoin market over the next two weeks.
Drawing an analogy with the 2019 pump, we can assume that the cost of BTC will increase to about $ 14,400 in 2020. In this case, the price of the virtual currency will drop to $ 6,400 after a turn on the market.
Technical indicators:
- 4 hours MACD is in the bullish trend zone.
- 4 hours RSI is above 70 (in the neutral area).
- The main support level is $ 9,740.
- The main resistance level is $ 10,500.
- The nearest pivot points are $ 9,975 and $ 10,406.
Source: en.bit.news
