Bitcoin (BTC) Price Prediction – May 5, 2020
Since April 30, BTC/USD pair turned down from $9,400 resistance because of the bull’s inability to continue the uptrend. The market fell to $8,597 low and continued fluctuation between $8,500 and $9,500. In the last one week, Bitcoin has continued to fluctuate within the price range.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Yesterday, the bears took price to $8,5 17 low, and BTC rebounded at the current low to the high of $8,845. This is an indication of buying of the bulls on dips. For the past few days, the bulls have defended the support levels between $8,400 and $8,600. On the downside, if the bears break below the $8,400, the downtrend will extend to the low of $7,800. Nonetheless, BTC rebounded as it took price out of the support zone.
On the upside, if the bulls break above the $8,800 resistance, the market will reach the target price of $9,100 and $9,200. Majorly, if the bulls break the $9,200 resistance, BTC will rise to the $9,500 and $10,500 price levels. In the meantime, BTC is rising towards the $9,200 resistance. Meanwhile, it is in a strong bullish momentum. The market is above 80 % range of the daily stochastic. This clearly explains that the bulls are in control of the market.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4 hour chart, the bulls are attempting to break the $9,000 again. From the time of price spike, this will be the fourth time the bulls will break above the $9,000 resistance. Bitcoin has been rejected either at the $9,000 or $9,200 resistance, soon after bulls attempt to break the resistance. Perhaps a rebound below the $9,000 resistance and the sustenance of the momentum will breach the resistance levels. Nonetheless, BTC is at level 56 of the Relative Strength Index. This indicates that the king coin is in the uptrend zone.
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