Bitcoin Price Prediction: BTC/USD Trades Above $8,900 But The Upside Momentum Is Slow

Bitcoin (BTC) Price Prediction – May 12

The Bitcoin price hits the major resistance level at $8,991 instead of just battling with supports.

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

Key levels:

Resistance Levels: $10,000, $10,200, $10,400

Support Levels: $7,400, $7,200, $7,000

BTCUSD – Daily Chart

BTC/USD has hit above the $8,900 price area after a few days of despairing trade. Since the coin is currently correcting upwards, we believe that BTC/USD is likely to cross resistances above the 9-day and 21-day moving averages instead of just battling with inactive supports. Today, BTC/USD is seen trading at $8,900 after starting the day with $8,498.

However, the coin is then pulling to where it is trading currently and may continue to head upward if the bulls keep pushing it upward. Meanwhile, on the upside, as the coin moves towards the 9-day moving average, little is in place to prevent correction targeting the key resistance of $9,000 as the technical indicator RSI (14) makes a quick turn above the 54-level.

Nevertheless, the bulls are banking on the support at $7,400, $7,200 and $7,000 to ensure that in spite of a reversal, the Bitcoin price stays above $8,900 level. Similarly, the nearest resistance levels to watch for are $10,000, $10,200 and $10,400 respectively.

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

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $8,567 which is now a key support level. The next key support levels are $8,300, $8,100, and $7,900.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $9,000 resistance. A climb above the mentioned resistance may further push BTC price to $9,400, $9,600, and $9,800 resistance levels. As it appeared now, it seems the market may likely follow the sideways movement as the RSI (14) is now moving around 45.14-level.

Please note: 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.