The Bitcoin price line is expected to observe a downward correction in the near future. TradingView analysts believe that BTC price will rise towards the $9800 mark up next.
1-Day Bitcoin price analysis (6th July)
Bitcoin Price Chart by Trading View
Bitcoin was priced at $9270.38 US Dollars at the time of writing. The day’s low was observed near the $9040 mark while the days high was observed at the $9375 mark.
What’s next for BTC?
Phi Deltalytics is a TradingView analyst who believes that the BTC price will gradually fall towards the $7100 to $7900 range before seeing another long uptrend move.
Bitcoin price chart by Trading View
As per the analyst’s technical analysis, the daily Relative Strength Index (RSI) appears bearish for the mid-term. The RSI indicator needs to find support above the moving averages in order for the bullish trend to remain.
Sideway consolidation is also in play, which moved the BTCUSD pair out of the rising triangle. The Elliot waves may have been completed, and the price may now be moving towards a downward correction. Once the price hits the $9800 mark, bears are expected.
As for the BTC market, the overall sentiment appears neutral with low interest. A deep price correction may be what BTC needs to gain market strength and continue a long-term uptrend.
Bitcoin price rise to $9800 next?
Lingrid is another TradingView analyst who highlighted two trading wedge patterns on the 2H BTCUSD chart.
Bitcoin price chart by Trading View
The analyst exclaimed that the current price trend is upwards and thought the BTC price has broken below the first wedge, the price is expected to rise towards the $9743 mark. This idea is in play as the BTC price rose towards the $9376 mark on the 6th of July.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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