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Bitcoin Price Prediction: Bitcoin at Crossroads as the Market Fluctuates Above $8,600 Support

Bitcoin (BTC) Price Prediction – May 26, 2020
In the last 48 hours, BTC/USD pair has continued to fluctuate above $8,600 support. Nonetheless, if the bulls succeed in pushing price above the upside range between $9,300 and $10,000, there is a possibility of retesting the $10,000 overhead resistance. Conversely, if the bulls fail to push price upward, the selling pressure will continue.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Today, Bitcoin is correcting upward as it reaches a high of $8,930. The bottom line is that price must break above $9,000 and it is sustained. Then the upside price range will signal the resumption of the uptrend. The bulls will have the opportunity of retesting the $10,000 overhead resistance. Conversely, if the bulls fail to break above the upside range, BTC will resume its downward move. The downtrend can resume if price breaks below $8,600 support. The next support will be at the low of $8,200, if the $8,600 support cracks. The selling pressure can also extend to a low of $8,000.

However, if BTC bounces above $8,000, it can offer a buying opportunity that can propel price to reach the uptrend range-bound zone above $9,000. On the other hand, if bears break the $8,000 support, this will signal the resumption of the downtrend. Meanwhile, BTC has fallen to level 49 of the daily Relative Strength Index. This implies that the bears are still in control. The king coin may have a downward move.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, after the recent breakdown, BTC drops to $8,600 and resumed fluctuations above the support. The upward correction is facing resistance at the 12-day EMA. On the upside, the uptrend will resume if the bulls break above the EMAs and the $9,000 resistance.  The market will take a downward move if it breaks the current support. As BTC is correcting upward, it has risen above 40% of the daily stochastic which indicates that the market is in a bullish momentum.

 

 Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.