InsideBitcoins.com

Bitcoin’s Price Is Steady Around $8700, Retracement or Impulsive Move?

Bitcoin (BTC) Price Analysis – May 29

The bullish scenario has been much significant in the past weeks as Bitcoin continues to break levels with a surge in volatility. Currently, the bulls are in play as the price trades at around $8700 level.

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:
Resistance levels: $9200, 9500
Support levels: $8000, $7500

Looking at the long-term chart, Bitcoin has followed an upward movement for over two months of trading, making the market to rise-up up and continued the positive rally positive. The Bitcoin market has now significantly revealed a bullish move as the next resistance may be visited. The buyers appeared to be gaining control of the market.

BTCUSD-1D-Chart-May-29

On the downside, we can expect a drop to the $8000 price level, and potentially $7500. As revealed on the daily MACD, the market is at the positive zone as the next upcoming move might last to the $9500. Meanwhile, the 21-day MA and the 50-day MA are still bullish on the daily chart.

BTC/USD Medium -term Trend: Bullish (4H Chart)

On May 27, Bitcoin has recorded its monthly high price at around $8950 in Bitfinex before dropping low. Currently, the market is testing the yellow 21-day moving average, holding the $8800 level. A further drop could lead the market in a bearish scenario after as the cryptocurrency may hit $8300 support. Below this support lies the $8000 and $7600.

BTCUSD-4H-Chart-May-29

On the upside, a bullish move may continue to meet resistance at around the $9000 and $9200. As of now, the 4-hours MACD is reflected in the positive zone, now turning downward. This could mean that the BTCUSD trading is looking for close support. A significant cross below the zero level may send the market in a bearish scenario.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      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.