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Bitcoin Price Prediction: BTC/USD Touches $9,532 Support; Meaning a Big Fall Ahead

Bitcoin (BTC) Price Prediction – May 9

Today, BTC/USD faced a pullback as the price slid below $9,800 and tested support near $9,500 price area.

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

Key levels:

Resistance Levels: $11,300, $11,500, $11,700

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

BTCUSD – Daily Chart

BTC/USD has not been able to breach the key $10,000 level following a recent rejection at $10,157. On the downside, support has been established at $9,532. BTC/USD is trading at $9,710 at the time of writing. The prevailing trend is having a bearish bias but the bullish interest has not left the market in spite of the resistance at $10,000.

In addition, the market is still deciding above the 9-day and 21-day moving averages, where the buyers are anticipating a clear breakout above the channel. Meanwhile, the $10,500 and $10,700 levels may further surface as potential resistances should the $10,400 level holds. However, a strong bullish spike might take the price to $11,300, $11,500, and $11,700 levels.

Moreover, if the market continues to follow the downward trend, Bitcoin’s price may drop to $9,000, and should this support fails to contain sell-off, we may see a further roll back to $8,200, $8,000, and $7,800 support levels. Meanwhile, the technical indicator RSI (14) suggests an extremely overbought market and facing down, the market may fall to immediate supports.

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

On the 4-hour chat, Bitcoin bears have now stepped back into the market pushing the BTC price below its previous support level that existed around $9,590. Although the Bitcoin price has not yet slipped below $9,500, it’s still in the loop of making a bounce back. Its price hovers around $9,652 and may take time to persistently trade above $10,000.

BTCUSD – 4 Hour Chart

At the moment, BTC/USD is currently moving below the 9-day moving average but yet to cross below the 21-day moving average. In as much the technical indicator RSI (14) moves below the 55-level, the downward movement may likely push the price to the nearest supports at $9,100, $8,900 and $8,700 while the potential resistance lies at $10,200, $10,400 and $10,600.

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.