Bitcoin (BTC) Price Prediction – May 17
The Bitcoin price recovers from the dip to touch $9,788; all eyes focus on a $10,000 resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,800, $11,000, $11,200
Support Levels: $8,300, $8,100, $7,900
BTC/USD is now cleanly broken above the 9-day and 21-day moving averages of the ascending pattern as it takes out the resistance at the $9,700 level. BTC/USD increased by a total of 3.95% today to reach a high of around $9,788 as the buyers start to take control. The crucial thing to look out for is the closing price for Bitcoin. Traders need a close above $10,000 at the very least to confirm that the bulls are indeed in action moving forward.
Currently, the market price for BTC/USD and the daily candle is trading at $9,754 but if the bulls could successfully push the price above the $10,000 level, the next resistance levels may be found at $10,800, $11,000 and $11,200. Typically when the new uptrends are beginning to form, traders may use both the moving averages as the nearest support level.
However, any failure by the bulls to move the price up, we may see a price cut to $9,200 vital support. A further low drive could send the price to $8,300, $8,100 and $7,900 supports. For now, the bulls are still dominating the market. But as things stand, BTC/USD may continue to follow the upward trend because the RSI (14) focuses on the north.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking technically, BTC/USD needs to climb $10,000 above the upper boundary of the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $10,000. This psychological barrier may closely follow by $10,200 and $10,400 resistance levels.
In contrast, the nearest support is at $9,400 below the channels, and a sustainable move lower may increase the downside pressure and push the price towards $9,200 and $9,000 support levels. Considering that the RSI (14) on a 4-hour chart is moving tremendously around 65-level, traders might expect more bullish signals into the market.
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