InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Breaks Below $9,500; Do or Die For Bitcoin

Bitcoin (BTC) Price Prediction – May 16

The daily chart of Bitcoin (BTC) shows harsh pullback today and has affected the majority of altcoins within the market.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,800, $11,000, $11,200

Support Levels: $7,800, $7,600, $7,400

BTCUSD – Daily Chart

BTC/USD is putting the traders under a nail-biting situation as the coin keeps heading downwards till just now. From its pulled-back price level of $9,608, BTC price is yet to bounce up to $9,800. The coin touched the daily high of $9,608 when the day opens, and the price correction is driving the coin below $9,500. Such notable price decline has triggered doubts amongst the crypto community as the decline has affected other coins within the market.

Moreover, the coin is trading at $9,422.34 and displays an intraday gain of 1.18%. The prevailing trend is still bullish with expanding volatility. The leader of cryptocurrencies currently consolidates in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, we expect BTC/USD to rise above $10,000 resistance and could move towards the potential resistance levels at $10,800, $11,000, and $11,200.

However, should Bitcoin price failed to remain above the 9-day and 21-day moving averages; the price could drop to $8,800 vital support. A further low drive could send the price to $7,800, $7,600, and $7,400 support. The technical indicator RSI (14) has recently revealed a sign of trend reversal, which shows a possible bearish momentum.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $9,600 to touch the low of $9,267. Should the price continue to drop further and move below the channel, it could reach the nearest support levels at $8,900, $8,700, and $8,500.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the potential resistance levels of $9,800, $10,000, and $10,200. Presently, the market is indecisive as the RSI (14) indicator moves below the 50-level.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • Excellent choice for U.S. customers
  • Paypal accepted
  • CySEC & FCA regulated
  • Buy 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investor accounts lose money when trading CFDs with this provider.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Established stock-exchange listed company
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees and low spreads
    4.5/5

    Visit Site
    80.5% of retail investor accounts lose money when trading CFDs with this provider.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
      Avatar

      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.

      Leave a Reply

      Your email address will not be published. Required fields are marked *