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)
Resistance Levels: $10,000, $10,200, $10,400
Support Levels: $7,400, $7,200, $7,000
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.
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.
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