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Bitcoin Price Prediction: BTC/USD Struggles Again; Will it Crash Through $9,000 Support?

Bitcoin (BTC) Price Prediction – May 23

The Bitcoin price looks shaky after dropping below $9,300 support but still remains within the ascending channel.

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

Key levels:

Resistance Levels: $10,600, $10,800, $11,000

Support Levels: $7,800, $7,600, $7,400

BTCUSD – Daily Chart

BTC/USD is currently trading below the resistance zone. Looking at the daily chart, the price action is indicating a small candlestick like Doji and a spinning top. More so, this candlestick indicates that buyers and sellers are exhausted and undecided about the direction of the market. The technical indicator RSI (14) is moving around 53.54-level and this indicates that the coin is still in an uptrend zone and the bulls are in control.

In another perspective, BTC/USD might face a setback for now and this is not going to be a permanent one. But the coin is likely to have a bullish run in the short-term while a price rally may help the coin to touch its monthly high. Currently, Bitcoin is trading around $9,190 level below the 9-day and 21-day moving averages after a fall from $9,291 in the early hours of today. A further drop may cause the coin to fall more but a buying pressure may visit the market soon.

Nevertheless, if critical support of $9,000 can continue to provide support for the market, traders may expect the Bitcoin price to come back to a resistance level of $9,300 before the market experience a rise far above the moving averages to reach the potential resistance levels at $10,600, $10,800 and $11,000 respectively. Meanwhile, any bearish movement below the channel may likely drag the market towards the support levels of $7,800, $7,600 and $7,400.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

On the 4-hour chart, the Bitcoin price needs to climb $9,300 above the moving averages within the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $9,500. Meanwhile, the bullish movement may likely push the coin towards the resistance levels of $9,600 and $9,800.

BTCUSD – 4 Hour Chart

Conversely, any bearish movement below the lower boundary of the channel may increase the downside pressure and push the price towards $8,800 and $8,600 support levels. More so, the RSI (14) is moving above the 45-level, suggesting more bullish signals into the market.

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.