Posted In: Forex Trading Posted On: 2019/06/20 21:03 PM Posted By: ituglobal
BTC/USD Medium-term Trend: Bullish
· Resistance Levels: $9,000, $9,200, $9,400
· Support levels: $8,800, $8,600, $8, 400
Yesterday, June 19, the BTC price was in the bullish trend zone. The hurdle to jump over is the $9,400 overhead resistance. The bulls have been battling to jump over the $9,400 resistance since June 17. Today, the BTC price was trading at $9,277 as at the time of writing. The crypto is trading and ranging below the overhead resistance levels.
From the Fibonacci retracement level, the market is trading above the 0.236 and 0.382 Fib. retracement levels. These are continuation zones for a trending market. The BTC coin is expected to break the $9,400 resistance level. On the upside, the bulls will overcome the $9,400 resistance, if more buyers are introduced at the upper price levels. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
On the 1-hour chart, the BTC price is in a bullish trend. From the chart, the bulls have tested the $9,400 resistance level on more than three occasions . Three attempts had been made to break the overhead resistance but to no avail.
On the upside, if the bulls break $9,400 overhead resistance, the crypto’s price will reach the $10,000 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
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