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Bitcoin Price Prediction: BTC/USD Pushes Again Above $9,000, Can Bulls Sustain Uptrend?

Bitcoin (BTC) Price Prediction – May 3, 2020
Yesterday, the bulls are back above $9,000 price level for the second time. For the past week, BTC/USD pair rebounded at the low of $7,750 and rallied to $9,250. The bulls could not continue the uptrend because of bears’ defense.

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

BTC/USD – Daily Chart

On the daily chart, the bulls have broken the resistance line of the ascending channel. The price closed above the resistance line indicating that BTC has resumed upward move. As BTC continues its uptrend, it may face initial resistance at $9,200. The king coin will rise above $9,500 if the bulls overcome the $9,200 resistance. There is a possibility of the momentum reaching a high of $10,000 resistance.

Conversely, if the bulls fail to breach the $9,200 resistance, Bitcoin will resume a downward correction. The downward move may have an initial fall to the low of $8,400. Then another decline will be towards the major support at $8,000. The $8,000 support is the breakout level. Meanwhile, Bitcoin is above 80% range of daily stochastic. The market is still in a bullish momentum. The price action is indicating bullish signals.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, the market is above $9,000 but it is currently facing an initial resistance at the $9,200 resistance zone. There are two possible price actions above the $9,000 price level. On the upside, the bulls may likely consolidate above $9,000 for a subsequent upward move. On the downside, Bitcoin may drop to $8,400 if it faces stiff resistance above $9,000. The coin is presently trading at level 64 of Relative Strength Index indicating that Bitcoin is in the uptrend zone.

 

 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.