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Bitcoin Price Prediction: BTC/USD Rallies to $10,000, Can It Reach the $10,500 Mark?

Bitcoin (BTC) Price Prediction – May 9, 2020
On May 7, the bulls break the $10,000 resistance and reached a high of $10,045. Unfortunately, the bulls could not sustain the upward move. BTC/USD pair is retracing as it faces stiff resistance at the $10,000.

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

BTC/USD – Daily Chart

On May 7, the price surged and broke the $9,400 and the $10000 resistances. Price pulled back because of severe selling pressure. On the short term trend, the market has been in the overbought region, while the bulls broke the $10,000 resistance on two occasions and pulled back. Nonetheless, as the market remains overbought, there is a likelihood of a downward correction.

Bitcoin is likely to pull back and retraces to the support above $9,400, a resumption of the uptrend will commence. This will increase the chances of a rally above $10,500. However, if price pulls back below the $9,400 breakout level, it is an indication that Bitcoin is getting weaker. The danger of a downward move is likely. Meanwhile, BTC is at level 76 of the Relative Strength Index. It indicates that the market is in the overbought region.

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

BTC/USD – 4 Hour Chart


On the 4 hour chart, the market is fluctuating below the $10,000 resistance after breaking it. In the first retest, the market reached a high of $10,045 but pulled back to $9,800.In the second attempt, the market dropped also to the same low. BTC is trading at $9,842.80 above the support of the 12-day EMA at the time of writing. It is also above 80% range of the daily stochastic. The king coin is still trading while in the overbought region.

 

 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.