Bitcoin Price Prediction: Bitcoin (BTC) Pulls Back Within the Safe Limit, Possibly Finding Support

Bitcoin (BTC) Price Prediction – May 31, 2020
Today, BTC/USD pair retraces to $9,400 low and resumes consolidation above it. The consolidation will continue as long as price remains above $9,300.

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

BTC/USD – Daily Chart

The market retraced to $9,400 low and found support above it. BTC is making correction upward to ensure it remains in the upside range. In the upside range, the $9,300 remains the main support. On the upside, price tends to continue higher towards the $9,750 and $9,800 level. Also, the major resistance is near the $9,950 and $10,000. The bulls are yet to test the major resistance levels. All the several retests end up below the $9,800 and few are above it.

When price is repelled at the major resistance, the breakdown is always disturbing. The retracement is done on the upside as the market consolidates above  $9,400 support level. The price is also well supported by the 12-day EMA. The upside range is likely to commence. Meanwhile, BTC fell to level 58 of the daily Relative Strength Index. This indicates that BTC is in the uptrend zone. The bulls are still in control of the market.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market retraced to the support of the 26-day EMA or above the $9,400. The bearish scenario will commence once the major support level at $9,300 is broken. Further losses will follow when price breaks the $9,000 support and subsequently drops to $8,800 low. Bitcoin is presently below 60% range of the daily stochastic. The market is in a bearish momentum. Meanwhile, this is contrary to the price action that is indicating a bullish signal.

Please note: 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.