Bitcoin’s Price Is Steady Around $8700, Retracement or Impulsive Move? Author: Azeez Mustapha Last Updated: 29 May 2019 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.