Bitcoin (BTC) Price Prediction – May 16
The daily chart of Bitcoin (BTC) shows harsh pullback today and has affected the majority of altcoins within the market.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $10,800, $11,000, $11,200
Support Levels: $7,800, $7,600, $7,400
BTC/USD has put the traders under a nail-biting situation today as the coin kept heading downwards till just now. From its pulled-back price level of $9,608, BTC price is yet to bounce up to $9,800. The coin touched the daily high of $9,608 when the day opens, and the price correction is driving the coin below $9,500. Such notable price decline has triggered doubts amongst the crypto community as the decline has affected other coins within the market.
Moreover, as the coin is trading at $9,422.34 and displays an intraday gain of 1.18%. The prevailing trend is still bullish with expanding volatility. The leader of cryptocurrencies currently consolidates in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, we expect BTC/USD to rise above $10,000 resistance and could move towards the potential resistance levels at $10,800, $11,000, and $11,200.
However, should Bitcoin price failed to remain above the 9-day and 21-day moving averages; the price could drop to $8,800 vital support. A further low drive could send the price to $7,800, $7,600, and $7,400 support. The technical indicator RSI (14) has recently revealed a sign of trend reversal, which shows a possible bearish momentum.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $9,600 to touch the low of $9,267. Should the price continue to drop further and move below the channel, it could reach the nearest support levels at $8,900, $8,700, and $8,500.
Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the potential resistance levels of $9,800, $10,000, and $10,200. Presently, the market is indecisive as the RSI (14) indicator moves below the 50-level.
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