Bitcoin (BTC) Price Prediction – May 10
Over the past days, Bitcoin (BTC) tried to break above the $10,000 mark but with no success.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,400, $10,600, $10,800
Support Levels: $7,200, $7,000, $6,800
Today, BTC/USD pulls a shocking and devastating move against bullish investors following a tremendous fall from highs around $9,919 yesterday to touch the low of today at $8,098. At the time of writing, BTC/USD is trading 8.31% lower on the day and valued at $8,745. More so, the bulls failed to breach the $10,000 psychological level which happens to be one of the reasons why the coin is facing a downward trend.
Moreover, as the coin is trading at $8,745 displaying an intraday loss of 8.31%. The prevailing trend is still bullish with expanding volatility. Therefore, a break below the 21-day moving average may likely continue in the direction of the downtrend. In this case, BTC/USD could fall below $8,000 support and further movement may hit the critical supports at $7,200, $7,000, and $6,800.
However, if the bulls can hold the price to remain above the 9-day and 21-day moving averages and move up; the Bitcoin price could rise above the upper boundary of the channel and move to $10,400 vital resistance. A further high drive could send the coin to $10,600 and $10,800 resistance levels. Unfortunately, the technical indicator RSI (14) is revealing a sign of trend reversal, which shows a possible bearish momentum may likely play out.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Following the 4-hour chart, Bitcoin bears are now taking control and may likely push the coin below its previous support level that existed around $8,900. Although, the Bitcoin price has not yet slipped below $8,000 and it’s still in the loop of making a bounce back. Its price hovers around $8,687 and may take time to persistently trade above $9,500.
Moreover, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement could push the price near the $9,400, $9,600, and $9,800 resistance levels while the immediate support lies at $8,000, $7,800, and $7,600. The RSI (14) nosedives to 34-level, which may likely give more bearish signals before a reversal could play out.
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.