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Bitcoin Price Prediction: BTC/USD Falls Again After Rejection From $9,100 Resistance

Bitcoin (BTC) Price Prediction – May 12, 2020
Surprisingly, in the last 24 hours, BTC/USD pair was making an impressive move as it reached a high of $9.142. The bulls penetrated the resistance at $8,800, and $9,000 but were stopped at $9,100. Analysts believe that a break above $9,100 and subsequent sustenance of price will propel BTC to rally.

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

BTC/USD – Daily Chart

Interesting ly, after the price surge, the bulls were resisted and BTC dropped to $8,200 yesterday. Immediately, a downward correction was made as price returned above $8,500. BTC is stable as it continues to fluctuate above $8,500. On the upside, BTC can possibly retest the $10,000 resistance, if price is sustained and the $9,100 resistance is breached. Above the $9,100 support, the momentum can extend to $9,500. Nonetheless, if the bulls fail to push price above $9,100 resistance, the bears may catapult price to a previous low of $8,200.

On the downside, the bears have been testing $8,200 for a possible downward move. If the bears succeed in breaking the $8,200 support, the next support will be $8,000. Bitcoin will continue its uptrend as long as the $8,000 support holds. On the contrary, if the bears break below the $8,000 support, there is likely to be a change in trend. The king coin will drop to $7,500. Presently, the coin has fallen to level 55 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, the price surge of yesterday was resisted at $9,100 and as the market dropped immediately. The coin is still consolidating above $8,500 support after failing to breach the $9,100 resistance. On the downside, if the bears break below $8,400 support, the price will revisit the previous lows of $8,200 and $8,000. The market is above 20 % range of the daily stochastic. This indicates that the king coin is in a bullish momentum.

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.