Serious Bull/Bear Battle: Bitcoin Awaiting Breakout to $9k Or Decline to $8,200

[sirty143]

Resistance levels: $9,007, $9,480, $10,001

Support levels: $8,608, $8,233, $7,812

BTC/USD Medium-term Trend: Bullish

On the medium-term outlook, BTC/USD price is increasing. Last week, BTC price was consolidating within the range of $7,812 and $8,233 levels. On May 26, the coin made a breakout towards the upside on the 4-hour chart with the formation of a massive bullish candle that breached through the $8,233 level and closed above it.

The buyers pushed the price up further and the price level of $8,608 was breached, the price reached $9,007 level. The $9,007 price level is another resistance level that has to be breached before the traders can go long. The coin is currently consolidating at $8,608 – $9,007 levels.

The 21 periods EMA and 50 periods EMA are following the direction of the trend and the two are well separated; this is evidence of a bullish trend. Bitcoin price is trading above the two EMAs. However, the Relative Strength Index period 14 is above 70 levels with the signal line bending down to indicate sell signal.

In case the support level of $8,608 holds, the resistance level of $9,007 may be breached and the coin may target $9,480 resistance level. Should the Bears defend the $9,007 resistance level, and the Bears exert pressure to break down the $8,608 level, then, the price may target $8,233 level.

BTC/USD Short-term Trend: Ranging

Bitcoin is under the Bulls control. The Bullish breakout of the coin at $8,233 level placed the price at the resistance level of $9,007 after it broke up former resistance levels of $8,233 and $8,608. The bears rejected the increase in price and the coin started consolidating.

As at the moment, the coin is trading between the 21 period EMA and 50 periods EMA. The two EMAs are bending towards each other to remain flat; this is a sign of ranging. The Relative Strength Index period 14 is at 50 levels and the signal line bending down to indicate sell signal.   

Source: ZyCrypto

[Niteroy]

Reducing the price to $8,200 is quite possible, but I think it will be short-term. Since the bull trend is dominating the crypto market, the price will go up with temporary price corrections, this is a normal situation for the bull market.