Bitcoin (BTC) Price Prediction – May 26
Today, the Bitcoin price is down from $9,025 to $8,823. No quick recovery seems possible for the coin at the moment.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $9,500, $9,700, $9,900
Support Levels: $7,800, $7,600, $7,400
Today, BTC/USD seems strong-willed as the coin moves from $9,025 to $8,823 but the price is currently facing back the support level of $8,500. The bears are now ushering the coin below $8,900 and now on its way to cross below the lower boundary of the channel. Yesterday’s bullish price moves took the coin as high as $8,976 and since then, Bitcoin has been tumbling.
However, the Bitcoin bulls are having a hard time holding the price above $8,900 in their push for gains past $9,000. In the time of following this rally, the bears are now making an effort to erase the gains of yesterday’s trading, with the crypto plummeting to lows of $8,800 before climbing slightly to its current price of $8,823.
More so, today’s price corrections have traced a falling flag which has been breached very recently. Meanwhile, looking at the daily chart, $7,800, $7,600, and $7,400 serves as the major support levels, making room for BTC/USD to fall even further. According to the trend of the technical indicator RSI (14), BTC/USD could be grinding into consolidation. Nevertheless, the king crypto may see resistance levels at $10,000, $10,200, and $10,400.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
On the 4-hour chart, we can see that the bears are stepping back into the market, trading below the 9-day and 21-day moving averages as the bulls are trying to defend the $8,700 support as well. Meanwhile, as the RSI (14) moves 40-level, the $8,300 and below could be visited if the coin breaks below the mentioned support.
In other words, if we consider the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $8,900 resistance. A climb above the mentioned resistance may further push BTC price to $9,300 and $9,500 resistance levels. As it appeared now, it seems the bears may likely return into the market as the coin trades below the moving averages which could continue the downward direction.
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