Bitcoin is struggling with resistance at $ 9,500

Bitcoin is struggling with resistance at $ 9,500

The bulls apparently planned to outperform the $ 9,500 area, but as we can see from the chart, the resistance is working.

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22 Jun 2020 , 17:10 @ Matey Salt

Bitcoin is struggling with resistance at $ 9,500

For the past seven days, Bitcoin has been trying to overcome resistance at $ 9,500, but so far has failed.

We have another week behind us, but not much has changed in the market. The bulls apparently planned to outperform the $ 9,500 area, but as we can see from the chart, the resistance is working and BTC has been bounced back down.

The market currently shows no signs of bulls or bears and maintains relatively neutral behavior

Technical analysis and its findings:

  • Multiple denials at $ 9500 (resistance)
  • RSI moves in the area of overbought, this can mean price reduction and sales
  • Current support is still intact and remains at $ 9,000
  • The volume of purchases and sales are quite weak
  • Strong resistance remains at $ 10,000

Trading Tips remain unchanged:

  • Open LONG in the area of $ 9000 SL 5%
  • Open SHORT in the area of $ 9500 SL 5%

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    Matey Salt

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    June 22, 2020
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