Bitcoin (BTC) has taken a breather after the recent price action of June 1. The price action of June 1 has been exceptional as the breakout resulted in the price reaching the high of $10,400. Consequently, the bearish reaction sank BTC to a low of $9,150. For the past few days, BTC is in lacklustre price action.
Since the beginning of June, Bitcoin has been trading marginally. There has been no serious price movement. Because of the lacklustre price action, the bulls find penetration difficult at the $9,800 resistance. From the chart, buyers have failed to breach the $9,800 resistance after four retests.
On each retest, there is always a corresponding bearish reaction. On June 4, buyers pushed the price to a high of $9,837. The bears responded as the market dropped to $9,150 low. The retest of the $9,800 resistance continued up till the fourth time without breaking the resistance.
Nonetheless, between each retest, the price moves marginally. Today, Bitcoin is trading up marginally to its price of $9,779. The market has been fluctuating between $9,400 and $9,800 to retest the $10,000 overhead resistance. However, price is being restricted below $9,800 as the momentum is not sufficient to reach the overhead resistance. BTC upside range will continue as long as $9,400 support holds. Bitcoin is currently at level 54 of the Relative Strength index period 14. The king coin is in the uptrend zone and likely to rise.
Bitcoin continues its consolidation in the upside range
On the daily chart, the price movement has been immaterial and buyers are restricted below $9,800 resistance. There has been an absence of a rebound or a strong bounce because of poor volatility.
BTC is trading above $9,700 as the market is characterized by small body indecisive candlesticks. The small body candlesticks describe the indecision between buyers and sellers about the direction of the market. BTC is in a bullish momentum as it is above 50% range of the daily stochastic. The stochastic bands are horizontally flat as the market consolidates.