Bitcoin (BTC/USD) Market Has Peaked at $31,500, Gearing Up for a Fall
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Bitcoin Price Prediction – June 27
The BTC/USD market activities have peaked around $31,500, gearing up for a devaluation attempt in the light of surrendering to a bullish trending force exhaustion.
As for the time being, long-position takers have been taking at a maximal trade point of $30,558.90 and at a minimal transaction value of $30,288.88, keeping a minute percentage rate of 0.41 positive. Bulls will have to consolidate their stances around the support line of $30,000 in the long run to ensure a continuation of the moving process to the upside, aiming to push beyond the stated high point.
BTC/USD Market
Key Levels:
Resistance levels: $31,500, $32,500, $33,500
Support levels: $29,000, $28,000, $27,000
BTC/USD – Daily Chart
The BTC/USD daily chart showcases that the crypto-economic market has peaked at $31,500 and is gearing up for a fall. The upper horizontal line is drawn around $30,000 above the points of the SMAs.
The 14-day SMA indicator is at $28,249.80, above $27,082.41. The Stochastic Oscillators are in the overbought region with a conjoint southbound crossing mood to 92.39 and 89.49 levels. That denotes that bears are trying to take a depressing stance against the probable rises between the resistances above the $30,000 line.
Will the BTC/USD market fall below the $31,500 high value?
The market operation of Biitcoin could risk a moment of loss if it breaks past the point of $31,500 with a sign of high reversal moving mode, which could lead to the affirmation of gearing up for a fall.
Analyzing the upside psychological trade pike of this market, it would be necessary for long-position takers to be cautious of the current trade level until another cycle of trade sessions produces that velocity to the moon side, which is reduced by the reading of the Stochastic oscillators, before starting to take long positions. The price tends to swing upward after touching the 14-day SMA as the base.
On the downside of the technical analysis, sellers are to begin showcasing stronger stances against bulls between or below the resistance of $31,000 and above it to the point of $33,500. It would not be okay for short-position placers to just launch an order without taking active price action to back the entry.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart showcases that the crypto-economic market has peaked at $31,500, gearing up for a fall near the sell signal side of the smaller indicator.
The 14-day SMA trend line is at $30,264.62, above the $28,628.90 value of the 50-day SMA trend line. The Stochastic Oscillators are in the oversold region, trying to swing northbound from within to 14.79 and 22.79 levels. That signifies that the price could rally back to the north for increases.
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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