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Bitcoin Price Prediction: Bitcoin Reaches the $9,200 Resistance, Faces Rejection at the Overbought Region

Bitcoin (BTC) Price Prediction – May 28, 2020
Yesterday, Bitcoin bulls have succeeded to break above the $9,000 resistance and reached a high of $9,200. As earlier anticipated, if the price is pushed above $9,300 and it is sustained, there is a possibility of a retest of the $10,000 resistance.

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

BTC/USD – Daily Chart

For a possible retest of the $10,000 overhead resistance, the price must be in the upside range between $9,300 and $10,000. At the time of writing, BTC/USD pair has risen to $9,200 but the price action is indicating a bearish signal. There is a possibility of price falling because BTC has reached the overbought region of the market. Sellers may likely emerge to push prices downward. In the meantime, Bitcoin is trading above $9,000 and the bulls must take price to the upside range before the resumption of testing the overhead resistance.

In the upside range, the bulls fluctuate between $9,300 and $10,000 to retest the overhead resistance. On the upside, if the bulls successfully break above $9,300, the upward move will be accelerated to retest the overhead resistance. Conversely, if the bulls fail to break above $9,300, BTC will decline and fall back to the $8,600 and $9,000 price range. In the meantime, BTC is at level 53 of the daily Relative Strength Index. This indicates that BTC 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 bulls break above the 12-day and 26-day EMAs to reach a high of $9,224. There was a pullback as the coin fluctuates below $9,200 resistance. The king coin is fluctuating because the crypto is in the overbought region as sellers may appear in the overbought region. BTC has risen above 80% range of the daily stochastic. The stochastic bands are attempting a U-turn indicating a downward move.

 

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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.