Bitcoin (BTC) Price Prediction – May 29
BTC/USD begins another breakdown and the price could hit $9,300 as the Bitcoin price faces a fresh round of selling.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,400, $10,600, $10,800
Support Levels: $8,400, $8,200, $8,000
BTC/USD resumes back into a selling mode, after an erratic recovery during the previous days. Early this morning, the coin topped at $9,615 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $9,393, down with 1.94%. Bitcoin continues to narrow down towards the 9-day and 21-day moving averages. The downtrend is clearly shown by taking a broader technical picture using the daily chart.
Moreover, the BTC/USD price is struggling to hold a couple of important supports near $9,000. The price is likely to continue lower below the $8,800 and $8,600 support level. If there is a downside break below the $8,500 support level, the price could visit the $8,400 support level. The bears are gaining momentum and if the price clears the $8,200 support, there is a risk of a sharp decline to $8,000 support level.
Meanwhile, the market is still deciding above the moving averages, where the buyers are anticipating a rebound. More so, the $9,500 and $9,700 levels may further surface as critical resistances should the $9,400 level holds. However, a strong bullish spike might take the price to $10,400, $10,600, and $10,800 levels. But presently, the RSI (14) is below the 60-level.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Following the 4-hour chart, Bitcoin bears are pushing the price below its previous support level that existed around $9,300. Although, the Bitcoin price has not yet slipped below $9,200 and it’s still in the loop of making a bounce back. Its price hovers around $9,427 and may take time to persistently trade above $9,800.
Nevertheless, BTC/USD is currently moving around the 9-day moving average and any upward movement may likely push the price near the $9,800, $10,000, and $10,200 resistance levels while the immediate support lies at $9,000, $8,800 and $8,600. The RSI (14) dives below around 60-level, which may likely give more bearish signals before a reversal could play out.
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