Bitcoin Price Analysis: Shwoing Some Action Above 9000 USD Where To Go?

Bitcoin Price Analysis: Shwoing Some Action Above 9000 USD Where To Go?

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BTCUSD is still trading in the huge channel where it has just confirmed the lower line of the channel and is now building a range here. Above 9000 USD level BTCUSD has still some good support where it can build more potential BTCUSD has touched the 200 and 100 EMA and is testing them which is normally a bullish sign where when bitcoin manages to go above these levels can confirm bullishly and move higher.

BTCUSD Price Analysis Chart

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BTCUSD chart source by tradingView

The paypal announcement to sell bitcoin to its over 250 million customers was a big deal for bitcoin this is why there can come a
boost in demand as paypal going to increase the promotion and adaptation.

On the bearish side, it is important for bitcoin to hold the lower line of the channel and confirm it otherwise there can come
bearish breakdown when BTCUSD fells below that level.

The RSI is sending moderate signs where an oscillation to the higher or lower boundary will confirm the proper trend which is more likely a bullish trend at the moment of the outcome.

BTCUSD will confirm bullish when it takes out the EMAs and confirms above the falling resistance and BTCUSD will confirm bearish when it confirms below the lower line of the huge channel.

TREND: Sideways with upside potential

EXPECTATION: Breakout

TREND AFTER EXPECTATION: More bullish as bearish

FORMATION: Huge channel

PREV: 9132.96

OPEN: 9136.89

VOLUME: 4.048K

DAY’S RANGE: 9089.80 — 9300.00

Published at Fri, 03 Jul 2020 01:48:53 +0000

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