On May 30, buyers made their final retest at the $10,000 overhead resistance in May. As usual, the bulls were repelled and buyers were resisted at the $9,800 resistance zone. The market retraced to the $9,400 and the support was holding. Bitcoin has been consolidating above the current support in the last three days.
As the market consolidates above $9,400, can bulls sustain price in the upside range? Yes, depending on the volatility in June. In May, buyers were able to retest the $10,000 overhead resistance on several occasions. This was made possible because of the consistency in price movement in the upside range.
In the range, the price fluctuates between $9,300 and $9,800 to retest the resistance zone. The major resistance zone includes $9,950 and $10,000. In June, if bulls sustain price in the upside range, history may likely repeat itself. In other words, as long as price remains above $9,300, the price movement to $9,800 is possible.
In the meantime, BTC is still in consolidation, if the bears turn around and break below the $9,400, there will be an immediate bearish reaction. Bitcoin will first fall to $9,300 and later dropped to $9,000. The market will drop to the $8,800 if the $9,000 support cracks. The downward movement will continue if bulls fail to put a halt at $8,800 low. Bitcoin is in the uptrend zone as it is at level 54 of the Relative strength index period 14.
Bitcoin is holding strong at $9,500
On the daily chart, the bulls tested the $9,800 resistance and were repelled. After falling to $9,400 low, buyers sustain hold above $9,500 for possible acceleration to the resistance zone.
Subsequent price movement was fluctuating above the 12-day EMA. As the price bars are above the EMAs, it indicates that the market will rise. However, the market stands to fall, if price bars are below the EMAs. BTC is in a bullish momentum as it is above 75 % range of the daily stochastic.