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Bitcoin Price Prediction: BTC/USD Breaks Below $9,700 Level, Could It Be Eyeing $9,000 Low?

Bitcoin Price Prediction (BTC) – May 18

The Bitcoin price movement is very fragile at the moment. Critical support levels must be monitored during a short-term breakout.

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

Key levels:

Resistance Levels: $10,700, $10,900 $11,100

Support Levels: $8,600, $8,400, $8,200

BTCUSD – Daily Chart

In a couple of weeks ago, BTC/USD has fallen as a result of a downward correction of the medium-term bear, which is steadily closing the vital support of $9,000. The market appears bearish on the daily chart after testing the $9,424 level today. The Bitcoin (BTC) is facing a slight drop after testing the immediate resistance of $9,948.98, with the selling pressure remaining strong.

However, if the price increases and Bitcoin manages to close well above the $9,700, we could see an upward price explosion, which could reach $10,000. A further increase could also reduce the price to $10,700, $10,900, and $11,000 resistance levels, a price at which traders could begin to consider an upward trend for the market.

Meanwhile, a break at the lower boundary of the ascending channel could lower Bitcoin price in long-term supports at $8,600, $8,400, and $8,200 respectively. The technical indicator RSI (14) is seen moving above 60-level, which is a good sign for the upward movement.

BTC/USD Medium-term Trend: Ranging (4H Chart)

Bitcoin trades downwards over the last 4 hours, fails to stay above $10,000. Currently, Bitcoin is correcting up from $6,438 with no gain in the last 4 hours. The coin is currently facing selling pressure within the ascending channel as it is seen trading at $9,676 and it remained above $9,600 at the time of writing.

BTCUSD – 4 Hour Chart

For now, the price keeps ranging around $10,868 to $10,612 and then breaks the support level near $9,500. The coin further dropped below the 9-day moving average. After a minor upward correction, the coin further tumbled to $9,561 and now rebounding as the technical indicator RSI (14) is moving around 56-level, suggesting a sideways movement.

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.

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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.