InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Price Plunges to $8,718; Can Bulls Still Save The Day?

Bitcoin (BTC) Price Prediction – May 26

Today, Bitcoin (BTC) started a sharp decline from the $9,022 resistance and currently declined towards $8,700, but it is likely to find strong bids near $8,600.

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

Key levels:

Resistance Levels: $10,200, $10,400, $10,600

Support Levels: $7,600, $7,400, $7,200

BTCUSD – Daily Chart

BTC/USD price is down more than 0.54% and it is now trading near the $8,900 level. The pair is trading above a couple of important supports near $8,500 and $8,300 as the price faced a strong selling interest near the $8,600 resistance zone. The coin touches the daily high at $9,022.72 and the price started a solid downside correction.

More so, as the Bitcoin price settled below the 9-day and 21-day moving averages, it opens the doors for more losses and the price broke the $6,650 level. A low is formed near $8,700 and the price is currently correcting higher. Therefore, BTC/USD needs to climb back above the $8,900 and $9,200 levels to resume its upward move towards $10,200, $10,400, and $10,600.

On the downside, the daily chart reveals the key supports near $8,500 and $8,300. If Bitcoin’s price fails to stay above the $8,300 support, there is a risk of a larger downside correction. The main support is near the $8,600 level, below which BTC/USD is likely to turn bearish and decline towards the support levels of $7,600, $7,400 and $7,200 in the near term as RSI (14) for the coin is now moving below the 50-level.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-Hour chart, BTC/USD trades within the range of $8,704 to $8,970. BTC price hovers around $8,823 and may take time to persistently trade above $8,900. The upward movement is facing hurdles near the $9,200 and $9,400 resistance level.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is near the $8,700 level while the main support is at the $8,600 level. The price may likely fall below $8,826 because the 21-day MA is above the 9-day MA to face downtrend which may likely test the critical support at $8,500 level and below. Technically, Bitcoin is currently moving sideways while the RSI (14) moves above 40-level, indicating indecisive market movement.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

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

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

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

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.