In this Bitcoin price analysis, BTCUSD has rebounded nicely, however, if the bulls break the $8,000 and $8,200 resistance levels, the market will reach the previous high of $8,500 price level. However, the coin is facing strong resistance. What next can you expect?
Bitcoin Price Medium-Term Analysis
On May 23, Bitcoin (BTC) price was making an upward correction. Before now, BTC was in the bullish trend zone and was predicted to rise to retest or break the $8,000 or $8,200 resistance levels. However, the expected bullish trend was terminated as the bears broke the 12-day and the 26-day Exponential Moving Averages (EMAs) and found support at the $7,600 price level.
Today, May 24, Bitcoin price has made an upward correction to the bullish trend zone. Nevertheless, the bulls face strong resistance. On the upside, if the bulls break the $8,000 and $8,200 resistance levels, BTC price will reach the previous high of $8,500 price level.
On the downside, if the bulls are unable to break the $8,000 resistance level, the price of Bitcoin will drop and resume a range bound movement between the $7,600 and $8,000 price levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which suggests a buy signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price was making an upward trend as it was making a series of higher highs and higher lows. The trend line was showing the support levels of BTC price. On the upside, a bullish trend is ongoing if the price tests the trend line and commence its higher highs and higher lows. On the other hand, BTCUSD price has broken the trend line and another candlestick closed on the opposite of it; which is an indication that the bullish trend was invalidated.
- Resistance Levels: $8,250, $8,500, $8,250
- Support levels: $7,750, $7,500, $7, 250
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.