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Bitcoin Price Prediction: BTC/USD Slumps beneath $9,800 after Holding for a Few Days

Bitcoin (BTC) Price Prediction – May 19

Severally, BTC/USD attempts to break above $10,000 nullified as selling pressure intensifies.

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

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $8,200, $8,000, $7,800

BTCUSD – Daily Chart

BTC/USD progress over the last couple of weeks is in jeopardy following the failure to breach the $10,000 level. The initial surge from lows around $8,100 hit a wall within a whisker of $10,000 a few days ago. A reversal from this zone confirmed support above $9,000 but the bulls, not giving up, launched another attack on $10,000 which also failed yesterday.

However, should the $9,400 support be reclaimed; it’s possible that the price may drop below the 9-day and 21-day moving averages. A possible bearish scenario that could play out after the rejection at $9,872 may cause the Bitcoin price to fall below the channel. More so, losing that zone may allow the coin to reach the support levels of $8,200, $8,000 and $7,800 as the RSI (14) signal line is moving above 60-level.

In the short-term, holding the zone between the 9-day MA and $9,500 support is crucial or a retest of the $9,400 support is likely. But currently, BTC/USD is yet to make a lower low under the $9,600 support. So, a short phase of consolidation leading to resistance levels of $11,000, $11,200, and $11,400 is more likely than a drop below key support levels.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The Bitcoin price is currently moving around the $9,672 after touching the high of $9,901 today. Looking at the chart, we can see that the bearish supply may be turning heavy in the market, but the bulls are trying to defend the $9,500 support as well. Meanwhile, the $9,200, $9,000, and $8,800 support levels may come into play if the coin breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, if the buyers can reinforce and power the market, we can expect a retest at the $9,900 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $10,200 and $10,400 on the upside. In other words, Bitcoin is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the RSI (14) faces downtrend.

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.