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Bitcoin Price Prediction: Bitcoin Consolidates Below $10,000; Can Bulls Breach $10,000 Benchmark?

Bitcoin (BTC) Price Prediction – May 17, 2020

 Since May 7, the BTC/USD pair has made several retests at the $10,000 resistance. Analysts are of the opinion that BTC has made sharp declines in recent times; that, it is susceptible to further downside pressure in the days to come.

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

BTC/USD – Daily Chart

Bitcoin is relatively stable above $9,000 as the market continues its consolidation. As earlier indicated, the upward correction will continue as long as price is sustained above $9,100. This will enable buyers to retest the overhead resistance for a few more days. Fortunately, these several retests can bring positive results as it will weaken the resistance level. This will eventually propel BTC to rally above $10,000 and reach the next target of $11,400.

Nonetheless, if the bulls fail to sustain price in the consolidation area, the downtrend may resume. There is a tendency for price to drop if the bears break below $9,100 support. The market will drop to $8,800 low and subsequently fall to $8,500. However, this will be an indication that the bulls are losing grip. Bitcoin is at level 59 of the Relative Strength Index period 14. This implies that King coin is in the uptrend zone.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market has continued to consolidate above the recent low of $9,130. Throughout yesterday, the price has been fluctuating between $9,100 and $9,400. This is a positive development as it will increase the possibility of a breakout. In the meantime, the market is characterized by small body candlesticks which describe the indecision between buyers and sellers about the direction of the market. Meanwhile, BTC is below 20% range of the daily stochastic but the stochastic bands are flat meaning that it is consolidating.

 

 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.