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Bitcoin Forecast: BTC/USD Price - Sideways Trade Continues

Bitcoin Forecast: BTC/USD Price - Sideways Trade Continues

2020-06-29 14:00:00
Mahmoud Alkudsi, Analyst
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BTC/USD Price Technical Outlook

  • Bitcoin (BTC) rallies back to the current trading zone
  • Will BTC/USD price end its trendless move?

BTC/USD – Weaker Bulls

On Monday, Bitcoin rallied to a near two-week high at $9,788. However, the price reversed lower and closed the weekly candlestick in the red with a 1.2% loss.

The Relative Strength Index (RSI) fell from 56 to 44 highlighting a possible start of a bearish momentum.

Bitcoin PRICE DAILY CHART (MaR 1, 2019 – June 29, 2020) Zoomed Out

Bitcoin daily chart price 29-06-20 Zoomed out
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Bitcoin PRICE DAILY CHART (April 20 – June 29, 2020) Zoomed In

Bitcoin daily chart price 29-06-20 Zoomed in

Last month, Bitcoin paused its upward trend then traded in a sideways move creating a set of lower highs with higher lows. Yesterday, the price climbed back to the current trading zone $9,080 - $10,507 hinting a continuation of the trendless move.

Another close above the low end of the zone signals that Bitcoin may rally towards the high end of it. A further close above that level could extend the rally towards $11,093.

On the flip-side, a close below the low end of the zone could send BTC/USD towards $7,824. Any further close below that level may send the price even lower towards $6,540.

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Bitcoin PRICE FOUR Hour CHART (June 9 – June 29, 2020)

Bitcoin four hour price chart 29-06-20

On Wednesday, Bitcoin broke and remained below the uptrend line originated from the June 15 low at $8,911, and generated a bearish signal. With that said, any violation of the downtrend line originated from the June 10 high at $10,002 would generate a bullish signal.

Thus, a break below $8,642 could send BTC/USD towards $8,220 while any break above $9,867 may trigger a rally towards $10,258. Nonetheless, the weekly support and resistance marked on the four-hour chart should be monitored.

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Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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