Bitcoin (BTC/USD) Market Hovers in Range-Bound Zones
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Bitcoin Price Prediction – June 1
There has been a chain of re-occurrence of ups and downs in the BTC/USD trade within specified points that are not too far from each order. In other words, the crypto-economic market hovers in range-bound zones as it trades between $31,966 and $31,356, keeping a minute 0.37% negative.
BTC/USD Market
Key Levels:
Resistance levels: $32,500, $35,000, $37,500
Support levels: $27,500, $25,000, $22,500
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto-economic market hovers in the range-bound zones between the $32,500 resistance and the $27,500 support levels. The 14-day SMA indicator is underneath the 50-day SMA indicator. About three smaller candlesticks have been featuring around the trend line of the smaller SMA, signaling a slight rejection. The Stochastic Oscillators are in the overbought region, trying to close the lines. That signifies a pause may surface in the crypto’s current moment of trading spot for a while before deciding on another definite direction.
Will the BTC/USD market give a damn to a downing motion around the $32,500 resistance level?
Some indications have shown the BTC/USD market may give a damn to a downing motion beneath or around the $32,500 resistance level in the near time if bulls’ pushing efforts on a mote of recovery turn weak soon. A correction from the trend line of the 14-day SMA is necessary to allow long-position takers to garner the energy needed to forcefully breakout at the upper range line afterward.
On the downside of the technical analysis, the BTC/USD trade currently appears, heading to a situation that will create another chance for a new round of downward-trending moves that can affect from around the trading line of the $32,500 resistance level while the price tends to make false approach toward trading past it. The tougher-resistant trading point is close to the $35,000 resistance level going by the reading of the Stochastic Oscillators in the overbought region.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart shows the crypto market hovers in range-bound zones against the valuation of the US Dollar. The upper range line is at the $32,500 resistance level the lower range line is at the $27,500 support level. And they embody the SMA trend lines. The 14-day SMA indicator has moved northward to touch the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound from the overbought region against variant range lines to the 20 range. The ranging movement has been close to the upper side from the beginning of May 31 until the present.
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