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Bitcoin Price Prediction: Bitcoin (BTC) Price on Track amidst Sudden Upturn

Bitcoin (BTC) Price Prediction – May 30, 2020
For the past week, BTC/USD pair has been trading in a tight range between the levels of $8,600 and $9,000. On May 27, BTC rebounded and broke the $9,000 resistance to reach a high of $9,200. After retracing from $9,200 resistance, BTC rebounded again and broke the $9,200 resistance to reach a high of $9,600.

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

BTC/USD – Daily Chart

Bitcoin bulls have risen to the upside range. Before now it was anticipated that if it rises above $9,300, there is a possibility of a retest at the $10,000 overhead resistance. In the upside range, it fluctuates between $9,300 and $9,800 to retest the $10,000 overhead resistance. Today, the market is approaching the high of $9,500 at the time of writing. Yesterday, BTC ran into initial resistance at $9,600. However, the major resistance is near $9,800 before retesting the overhead resistance.

On the upside, if the bulls break the $9,800 resistance, the momentum will be accelerated to break the $9,950 and $10,000 resistance levels. Bitcoin will rally above $10,200 if the bulls succeed in breaking the prior resistance levels. Conversely if the bulls face initial resistance, price will fall to the upside range between $9,300 and $9,800 for a possible retest of the overhead resistance. With the recent uptrend, BTC is at level 57 of the daily Relative Strength Index. This indicates that BTC is in the uptrend zone. The bulls are in control of the market.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC rebounded twice to reach the previous high of $9,600. In the first rebound, the market reached a high of $9,200. After a downward correction, BTC rebounded again to reach a high of $9,600. Yesterday, price corrected downward to $9,400 low. Later it resumed its upward move but it is finding penetration difficult at the $9,600 resistance level. The king coin is presently above 40% range of the daily stochastic. It is in a bullish momentum to retest the overhead resistance.

 

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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.