Bitcoin Price Analysis: BTC/USD Price Ranging Within $8,879-$9,398 Levels, Awaiting a Breakout

Key Highlights:

• Bitcoin price is ranging within $9,398 and $8,879 levels ;
• the price is awaiting a breakout;
• the Bulls may push the price break out at $9,398 level.

BTC/USD Medium-term Trend: Ranging

Resistance levels: $9,398, $1,016, $1,096
Support levels: $8,879, $8,565, $8,051Bitcoin price is bullish on the medium-term outlook. As it was predicted on June 17 report that “Should the Bears defend the $9,398 level, the coin may continue ranging within the $8,879 and $9,398 level”. The Bulls were not able to break up the $9,398 level because the Bears are defending the level. Likewise, the Bears were not able to break down the $8,879 level because the Bulls are defending the level. The coin retains its bullish trend but within the mentioned range.

Bitcoin price is trading above the 21 periods EMA and 50 periods EMA as a sign of a bullish trend. The Stochastic Oscillator period 14 is above 40 levels with the signal lines bending up to connotes buy signal. The price breakout at the resistance level of $9,398 by the Bulls will expose the $10,016 resistance level which may be its target. Should the Bears gain enough pressure and break down the support level of $8,879 the price may decline to $8,565 level.

BTC/USD Short-term Trend: Ranging

On the short-term outlook, BTC/USD is ranging. The Bulls pushed up the coin steadily with little interference of the Bears and Bitcoin price topped at $9,598 level on June 16. The Bullish momentum became weak and the Bears’ pressure was low, then sideways movement began within the range of $8,879 and $9,398 levels.

Bitcoin price is trading on and around the 21 periods EMA and 50 periods EMA, the two EMAs are interlocked to each other as a sign of consolidation in the Bitcoin market. The Stochastic Oscillator period 14 is at 80 levels with the signal line pointing up to indicate a buy signal.

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