Bitcoin (BTC) Price Prediction – May 14
The price of Bitcoin is seen trading nicely above the $9,900 and the coin must reach the $10,000 resistance to continue higher.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,500, $11,700, $11,900
Support Levels: $8,200, $8,000, $7,800
BTC/USD bulls are gradually coming back into action after a minor battering from the bears a few days ago. Today, as the coin touches the resistance level of $9,955.11 in the early trading hours of the day, the coin is seen quickly pulling back to where it is trading currently at $9,671 and may continue to head upwards if the bulls maintaining the trend.
Nevertheless, the market is now deciding above the 9-day and 21-day moving averages, where the buyers are anticipating a clear breakout above the ascending channel. Meanwhile, the $10,500 and $11,000 levels may further surface as the key resistances should the $10,000 level come to play. However, a strong bullish spike may take the price to $11,500, $11,700, and $11,900 levels.
Moreover, if the market makes a quick turn below the moving averages, the Bitcoin price could drop to $8,500, and should this support fails to contain the sell-off; traders may see a further roll back to $8,200, $8,000 and critically $7,800. The technical indicator RSI (14) suggests an upward movement for the coin as it moves toward the overbought zone.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC is looking bullish; the market is now showing a positive movement since the market opens today. However, the intraday trading is now giving a bullish confirmation as the technical indicator RSI (14) also moves into the overbought zone. More so, a climb above $10,000 resistance level may further push the BTC price to the potential resistance levels at $10,500, $10,700, and $10,900.
However, if the technical indicator gets into the overbought condition, the sellers are likely to emerge and push the price downward. Any bearish movement may likely hit the supports at $9,000, $8,800, and $8,600 respectively.
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