Bitcoin (BTC) Price Prediction – May 21, 2020
Yesterday, BTC/USD pair turned down after testing the $9,842 resistance zone. The market dropped to $9,301 low. There was an upward correction to $9,600 but the selling pressure is resuming at the time of writing. In the past week when BTC retraces to $9,300 low, the bullish movement will resume retesting the overhead resistance.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
In the last three days, Bitcoin has been hovering above $9,700 as bulls and bears were undecided about the direction of the market. The indecision has been resolved as price dropped to $9,400. Previously, in the upside range of $9,300 to $10,000, the bulls will buy the dips to resume uptrend and retest the $10,000 resistance. This is the market scenario when price retraces from the overhead resistance after a retest.
Today, we are going to watch if the upside range is going to continue. If it does continue, the bulls will purchase the dip as the market moves back to the $10,000 resistance zone. However, if the bears sink price below $9,400 support, the market is likely to drop to $9,100 low. Bitcoin will drop to $8,200 low if the $9,100 support cracks. Meanwhile, BTC is in the overbought region but below the 80 % range of the daily stochastic. This indicates that the king coin may have a downward move as sellers emerge in the overbought region.
BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
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