What resistance does Bitcoin have to go through to continue its upward trend?

What resistance does Bitcoin have to go through to continue its upward trend?

By ... | World of Crypto | 1 Jun 2020

Bitcoin has managed to keep its price above the support level of $ 9,400. Analysts believe that the king of digital currencies could maintain its uptrend and break the resistance ahead by reaching $ 10,000.

Bitcoin was able to close at $ 9,300, breaking the $ 9,400 resistance. Bitcoin is currently priced above $ 9,500 and has a simple 100-hour moving average (SMA100).

Bitcoin rose as high as $ 9,745, but corrected to $ 9,500. Of course, the $ 9,400 (previous resistance) range and the simple moving average are already strong support.

The price floor is $ 9,381, and Bitcoin is currently on an upward trend. On the other hand, Fibonacci's correctional level of 23.6% has been broken. The level was reduced from $ 9,745 to $ 9,381.


Bitcoin price status
The higher key resistance is in the $ 9,600 range. $ 9,750 will be the next price barrier. After this range, market buyers set their targets at $ 10,000 and $ 10,500 and seek to bring prices to these levels.

If Bitcoin fails to cross the $ 9,600 and $ 9,700 levels, it will face price corrections. The first support will be $ 9,450 and a simple 100-day moving average. However, if the price drops below $ 9,400, a lower support touch is likely.

Status of technical indicators:

Macdy has an upward slope in the time frame.
The Relative Strength Index (RSI) is above 60 in the hourly time frame.
Main supports: $ 9,350 and then $ 9,300
Main resistors: $ 9,650 and $ 9,800, followed by $ 10,000

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