Bitcoin (BTC/USD) Market Develops Supports Subtly Below $26,000
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Bitcoin Price Prediction – June 7
Over a couple of days, a correction featured in the BTC/USD trade to the extent of pushing slightly beyond $26,000, as the crypto market currently develops supports subtly below the value line. High and low-value lines between $27,472.29 and $26,785.05 have been in the trading rooms with a negative percentage rate of 1.21. In the meantime, a move to the downside is featuring from a notable spot of around $26,989.21 to signify the need for the buyers to exercise caution in their longing positions, especially if the moves tend to visit back the support point in question.
BTC/USD Market
Key Levels:
Resistance levels: $28,000, $29,000, $30,000
Support levels: $26,000, $25,000, $24,000
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto market develops support subtly below $26,000 during yesterday’s session. To make up for the conclusion of the previous southerly retracement, trading activity on the fifth day of this month resulted in a bearish candlestick. The 14-day SMA indicator is around $27,248.95 above the $26,632.44 point of the 50-day SMA indicator. The Stochastic Oscillators have positioned slantingly southbound around the 40 to place between 38.70 and 41.86 points to signal that a rising is slowing down.
Is there a potential that the bears in the BTC/USD trade will push back and try to retest the bottom around the prior low of $26,000?
The current gravitational force in the BTC/USD trade operations back to the bottom of around the prior low of $26,000 may not achieve abruptly as the crypto-economic market develops supports subtly below the point. The emergence of yesterday’s bullish candlestick from the support value line has created a sign for bulls to leverage their entries alongside its pathway. But, they needed to be wary of a fearful sustainable retracement against the worth line in the headline.
On the downside of the BTC/USD technical analysis, a renewed declining effort may stage against the recent valuation-rising mood around the trend line of the 14-day SMA at $27,248.95. However, sellers will be on the edge of losing the trades they performed around the indicator’s value toward the resistances between $29,000 and $30,000 in the long run if bulls push the price back against it.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart reveals the crypto market has developed support subtly below $26,000. That would be the third time the price aimed to either push toward or break down between the sessions of 12th May until yesterday. The 14-day SMA indicator is at $26,766.11, above the $27,037.98 value line of the 50-day SMA indicator. The Stochastic Oscillators have stepped northbound into the overbought region to position from 88.51 to 88.13, indicating that a reduction might crop in for a while. Based on that, buyers may exercise some patience before launching back into the market, using the marginal forecast propensity of the Oscillators at their lower level readings afterward.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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