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Bitcoin Price Prediction: BTC/USD Bull on the Surge, Attempts Retest $10,000 Resistance

Bitcoin (BTC) Price Prediction – May 14, 2020
Bitcoin’s bulls will be making their third appearance above the $9,000 resistance. In their first appearance on May 7, buyers reached the $10,000 resistance but unable to push above it. In their second appearance on May 11, the bulls were resisted above $9,142. Today, the third attempt above the $9,000 resistance is ongoing.

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

BTC/USD – Daily Chart

Today, BTC/USD pair has risen above $9,300 at the time of writing. The bulls have succeeded in breaking above $9,000 and $9,200 resistances. Bitcoin will rally above $9,500 if the current momentum is sustained. The current momentum will extend to $10,000 resistance. Presently, the bulls are finding penetration difficult at $9,330 resistance. There may be a retracement before the resumption of the uptrend if the current uptrend is being interrupted.

Alternatively, the bulls will continue to trade below the resistance until penetration is found. On the downside, if price is resisted, the market will retrace to the $9,100 support before uptrend resumption. Presently, the king coin has risen to level 61 of the Relative Strength Index period 14. This implies that Bitcoin is in the uptrend zone.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, Bitcoin is facing resistance at $9,330 at the time of writing. The crypto has earlier been resisted on April 30 and May 7 but the resistance was broken. In the meantime, at a high of $9,330, the market is said to be overbought.  The overbought condition may not hold. BTC is now above 80% range of the daily stochastic. The implication is that sellers are likely to emerge to push prices downward. Bitcoin is unlikely to retrace to $9,100 and resume an upward move.

 

 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.