For the past week, Bitcoin has been stuck in the lower region of $9,000. The bulls have earlier failed to break the $9,800 resistance on June 22.
Consequently, the bearish reaction made the king coin to drop sharply to $8,855 low. Nevertheless, BTC has been stuck below $9,200. All price movements at $9,200 resistance were repelled. On July 4, buyers attempted to push BTC above $9,200 but were repelled.
The bottom line is that if the $9,000 and $9,100 support is unbroken, Bitcoin’s upside range trading will hold. On the other hand, if the bears break below $8,900 support, it will signal the resumption of a downtrend. In the meantime, the coin has been fluctuating between $9,000 and $9,200 in the last 24 hours.
Bitcoin has been trading below the exponential moving averages for a couple of days ago. BTC is vulnerable to decline if the price is below the EMAs. The bulls are unable to break above the EMAs. The partial breakouts have been repelled as BTC continued its consolidation above $9,000. The Relative Strength Index period 14 is level 44. It indicates that the price is in the downtrend zone and below the centerline 50.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Bitcoin is still holding in the lower region of $9,000. The bulls have not been able to break above the EMAs. Each time the EMAs are retested the market will retrace and pull back. Possibly a strong bounce above $9,000 will propel price to break above the EMAs. BTC risks a downward move if the EMAs remain unbroken
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.