Bitcoin Price Prediction: BTC/USD Continues to Consolidate Below the $10,000 Level

Bitcoin (BTC) Price Prediction – May 20

After four straight bullish days, BTC/USD bears are taking control of the market.

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

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $8,000, $7,800, $7,600

BTCUSD – Daily Chart

After encountering another rejection at $10,000, BTC/USD is struggling to hold above the intraday support at $9,500 as the coin touches the low of $9,293 today. Since a couple of days ago, the bulls’ focus has been to break the resistance at $10,000 level but just like Monday and yesterday, BTC/USD is currently facing a growing bearish grip as the daily chart reveals.

Take for instance, at the time of writing; BTC/USD is valued at $9,525 after losing 2.64% on the day. The daily chart also shows the possibility of sideways trading taking precedence and a glance at the RSI (14) indicates that the prevailing trend is neither bearish nor bullish as its signal line moves below 60-level. However, as a result, the price of Bitcoin is trading below the 9-day moving average.

Moreover, the current decline is such that the price drops below $9,700 and $9,600 levels. It is currently consolidating above $9,500 and could fix higher. In addition, the main resistance is at $11,000, $11,200 and $11,400. Conversely, if there is no recovery above $10,000, the price may continue to fall to the support levels of $8,000, $7,800, and $7,600 respectively.

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

Looking at the 4-hour chart, the Bitcoin price is still under $9,600 and could continue to weaken if the price continues to fall below the 9-day and 21-day moving averages. However, once the current correction is completed, it may likely reach the support of $9,100 and below before the price could allow a decent recovery.

BTCUSD – 4 Hour Chart

Similarly, the technical indicator RSI (14) shows a downward price momentum, as it is in the bearish zone and the signal line is moving above the 40-level. The BTC/USD may experience further resistance of $10,000 if it raises the much-needed price recovery above $9,800. At the moment, the market is in the ranges of $9,300 and $9,900 levels.

Please note: 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
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.

      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.