BTC Price Prediction – May 30
Since the beginning of this month, BTC/USD price actions are consolidating around the moving averages.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance levels: $10,500, $10,700, $10,900
Support levels: $8,600, $8,400, $8,200
BTC/USD is currently trading at $9,539 above the 9-day and 21-day moving averages. A few actions were witnessed to the upside over the past few days. However, the zone between $8,500 and $9,000 stayed intact as the key support level. The bulls are keen to ensure that the price stays above the $9,600 before today’s dips into the $9,321 support zone.
Moreover, despite the fact that the price reached as high as $9,604 today, it couldn’t maintain its performance and started to recede downwards. At the moment, BTC/USD remains above the moving averages but the present trend indicates that the Bitcoin prices may fall marginally before the month runs out.
Furthermore, if the market drives below the moving averages, the BTC price could slump to $8,600, $8,400, and $8,200, bringing the price to a new monthly low as the RSI (14) moves in the same direction below 60-level. Meanwhile, if the bulls can hold the support at $9,300, a strong buying pressure may likely take the price to $10,000 resistance. While trading at this level, a bullish continuation could touch the resistance levels at $10,500, $10,700, and $10,900.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is following a sideways movement; hovering above the 9-day and 21-day moving averages which are the key support level. The next key support levels are $9,100, $8,900, and $8,700.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $9,600 resistance. A climb above the mentioned resistance may further push BTC price to $9,900, $10,200, and $10,400 resistance levels. As it appeared now, it seems the bears may likely return into the market as the RSI (14) crossed below 60-level which could resume the downward direction.
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