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Bitcoin Price Prediction: BTC/USD Consolidates Above $8,500, Unable to Sustain Above $9,000 Resistance

Bitcoin (BTC) Price Prediction – May 2, 2020
After the recent surge to $9,500, the bulls could not sustain the uptrend at higher levels. The bears are defending the $9,000 price level. However, many traders must have had a mass profit-taking exercise during the price rally on April 30. The king coin retraced to $8,500 support. On April 30, the bulls bought dip to $8,400.

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

BTC/USD -Daily Chart

For the past three days, the bullish momentum has subsided as price fluctuates between $8,500 and $9,500. Currently, the market is consolidating above $8,500 support. At the same time, BTC/USD pair  is trading below the resistance line of the ascending channel. On the upside, if price breaks the resistance level and closes above it, BTC will resume its uptrend. As the market fluctuates, there is the tendency of the bears breaking below $8,500 support.

The coin will find support above $8,000, once the $8,500 cracks. Nonetheless, if price falls to $8,000 support the bulls will aggressively defend it. Meanwhile, the upward move is expected as price attempts to push above the resistance line. Presently, Bitcoin is above 80% range of daily stochastic. The stochastic bands are pointing downward indicating a bearish momentum. This is in contradiction to the price action which is indicating a bullish signal.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC is currently fluctuating between $8,500 and $9,500. On April 30, the coin retraced and found support above 12-day EMA. Nevertheless, subsequent price actions have been above the 12-day EMA. On the upside, a rebound above $8,500 can break through the resistances of $9,000 and $9,200. The momentum can extend to the $9,500 price level. Conversely, if the current resistance levels remain unbroken, BTC will continue its fluctuation above $8,500. The crypto has fallen to level 62 of the Relative Strength Index period 14. It indicates that the market is in uptrend zone.

 

 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.