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Bitcoin Price Prediction: Bitcoin Bulls Buy the Dips, Target $10,000 Resistance

Bitcoin (BTC) Price Prediction – May 16, 2020
On May 14, the bulls retested the $10,000 resistance zone but faced another stiff resistance. BTC/USD pair retraced to $9,130 low and immediately resumed another upward move. As long as price is well supported above $9,000, the upside correction will continue.

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

BTC/USD – Daily Chart

On the lower time frame, the bulls have continued to retest the $10,000 resistance on four occasions. In other words, the bulls continue to buy the dips to facilitate further price movement. Nonetheless, buyers have failed to break the overhead resistance on a normal price movement. Price consolidation above the $9,000 support will bring about a breakout above the $10,000 resistance. In the last 48 hours, the market has been stable above $9,000. Possibly a rebound or breakout may occur if the consolidation above $9,000 continues for days.

Conversely, if price is not sustained above $9,000, the possibility of a breakout or a rebound is unlikely. In the meantime, the bulls are still targeting the $10, 000 resistance level. Presently, Bitcoin has fallen to level 60 of the Relative Strength Index period 14. This implies that Bitcoin is in the uptrend zone. It also means that the bulls have the upper hand.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, buyers were resisted yesterday as the market dropped to $9,130 low. The downtrend was well supported by the 12-day EMA. BTC has risen to $9,400 and it is relatively stable above the current support. The crypto has fallen below  40% range of the daily stochastic. However, the stochastic bands are making a U-turn upward indicating a possible 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.