Bitcoin (BTC) Price Prediction – May 23
The Bitcoin price looks shaky after dropping below $9,300 support but still remains within the ascending channel.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,600, $10,800, $11,000
Support Levels: $7,800, $7,600, $7,400
BTC/USD is currently trading below the resistance zone. Looking at the daily chart, the price action is indicating a small candlestick like Doji and a spinning top. More so, this candlestick indicates that buyers and sellers are exhausted and undecided about the direction of the market. The technical indicator RSI (14) is moving around 53.54-level and this indicates that the coin is still in an uptrend zone and the bulls are in control.
In another perspective, BTC/USD might face a setback for now and this is not going to be a permanent one. But the coin is likely to have a bullish run in the short-term while a price rally may help the coin to touch its monthly high. Currently, Bitcoin is trading around $9,190 level below the 9-day and 21-day moving averages after a fall from $9,291 in the early hours of today. A further drop may cause the coin to fall more but a buying pressure may visit the market soon.
Nevertheless, if critical support of $9,000 can continue to provide support for the market, traders may expect the Bitcoin price to come back to a resistance level of $9,300 before the market experience a rise far above the moving averages to reach the potential resistance levels at $10,600, $10,800 and $11,000 respectively. Meanwhile, any bearish movement below the channel may likely drag the market towards the support levels of $7,800, $7,600 and $7,400.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
On the 4-hour chart, the Bitcoin price needs to climb $9,300 above the moving averages within the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $9,500. Meanwhile, the bullish movement may likely push the coin towards the resistance levels of $9,600 and $9,800.
Conversely, any bearish movement below the lower boundary of the channel may increase the downside pressure and push the price towards $8,800 and $8,600 support levels. More so, the RSI (14) is moving above the 45-level, suggesting more bullish signals into the market.
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