Bitcoin Overcomes $38,000 Resistance, Upward Move Expected

Bitcoin (BTC) price has risen to $39,000 high after buyers successfully breach the $37,000 resistance. In the first uptrend since May 31, buyers could not sustain the bullish momentum above the $37,000 high.

Bitcoin (BTC) Price Long-Term Prediction: Bearish

On June 3, the resistance was breached after three days of a downward correction. Bitcoin fell to the low above $36,000 and rebounded. On June 2, the resistance was breached as Bitcoin continued its upward move. 

BTC price also corrected for two days before overcoming the resistance at $38,000. On the upside, BTC’s price is expected to rally above $40,000 resistance, if the current bullish momentum is sustained. Further upside is likely to $46,000 high. Conversely, if buyers fail to push above the $40,000 resistance, BTC price will be range-bound between $35,000 and $40,000. Bitcoin will continue with the downward correction.

Bitcoin (BTC) Indicator Reading  

BTC price is rising and approaching the support line of the descending channel. If the price breaks and closes above the support line, the uptrend is likely to continue on the upside. The crypto is at level 44 of the Relative Strength Index period 14. It indicates that the crypto is in the bearish zone. The market is also above the 80% range of the daily stochastic. It indicates that the crypto’s price is trading in the overbought region.

Technical indicators:  

Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $50,000 and $48,000

What Is the Next Direction for BTC/USD?

BTC/USD is in an uptrend. The crypto is approaching the $40,000 price level. Meanwhile, on June 1 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extensions or level $41,430.40.  

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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