Bitcoin (BTC) Price Prediction – May 19, 2020
On the daily chart, BTC/USD bulls have comfortably tested the $10,000 resistance zone on three occasions without breaching it. The only achievement is that the resistance zone has been weakened after several retests. The king coin is now in a range-bound movement below the resistance at $10,000.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Meanwhile, Bitcoin is trading below the resistance zone. The retest will continue as long as price is above $9,200 support. Since yesterday the price action has been indicating small body candlesticks like Doji and Spinning tops. This candlesticks indicates that buyers and sellers are exhausted and undecided about the direction of the market. The king coin is at level 62 of the Relative Strength Index. This indicates that the coin is in an uptrend zone and the bulls are in control.
BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, the crypto is in a sideways trend. Since on May 7, Bitcoin has been on a sideways trend below the overhead resistance. The bulls have made several retests while in a sideways trend.
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