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: 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.