Bitcoin (BTC) Price Prediction – May 27
The Bitcoin price increased by more than 2.95% today as the cryptocurrency makes its way above $9,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,000, $10,200, $10,400
Support Levels: $8,000, $7,800, $7,600
BTC/USD is changing hands at $9,105 amid short-term bullish bias with shrinking volatility. Meanwhile, the sustainable move above $9,000 improves the short-term technical picture, though the $9,300 resistance level is still blocking the way and separating the BTC bulls from a sustainable recovery. Similarly, BTC/USD is trading with a gain of over 2.95% in the recent 24 hours.
Furthermore, the way the situation is, the Bitcoin price is coming from a stronger bullish market, although it fails to break above the 9-day and 21-day moving averages. For now, its main aim is to continue nurturing the uptrend, and to do so; the price may need to break above the moving averages.
However, from a different technical perspective, BTC/USD is currently in the hands of the bulls as the technical indicator RSI (14) reveals. The indicator is recovering from the recent downtrend and it’s now settling above 50-level. This shows that bulls are in the driver seat, waiting for a technical breakout.
Therefore, any uptrend above the 9-day and 21-day moving averages can push the price up to resistance levels of $10,000, $10,200, and $10,400 respectively. More so, if the market price breaks below the channel, it could hit the support levels of $8,000, $7,800, and $7,600.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, BTC/USD is trading sideways, the market has been showing a sign of bullish trend since the early hours of the trading. However, the intraday trading is still looking bullish; following the recent rebound at $9,000 which is now a key support level while the next key support levels lie at $8,800, $8,600, and $8,400.
However, should the bulls push the market price above the channel, traders may likely experience a retest of $9,300 resistance level, breaking this level may further take the coin to reach the resistance level of $9,500 and above. Currently, the technical indicator RSI (14) is seen moving in the same direction, suggesting a sideways movement.
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