Bitcoin (BTC) Price Prediction – May 24
Today, the Bitcoin price loses traction after hitting $9,318; losses likely to continue in the near term.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $10,200, $10,400, $10,600
Support Levels: $8,000, $7,800, $7,600
Looking at the daily chart, it can be easily seen that the market may be back to the red zone as BTC/USD keeps posting minor losses of 1.36% on the day after commencing the trading at $9,190. It has an intraday high of $9,318; although the world’s largest crypto touches the support level of $8,857 before going back to where it is currently trading at $9,057.
However, Bitcoin just plunged below the 9-day and 21-day moving averages, marking $8,857 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally leaving the significant $9,000 level and searching for a new low? The trading volume, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming up soon into the market.
At the time of writing, BTC/USD is struggling to maintain the $9,200 level and if the coin follows the downward trend as the RSI (14) faces the south, the next supports may likely come at $8,000, $7,800 and $7,600. From the upside, by maintaining the current level of $9,057, the further movement could go above the moving averages to send the price to the resistance levels of $10,200, $10,400, and $10,600 respectively.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, BTC price hovers below the 9-day and 21-day moving averages around $8,861 which may take time to persistently trade above $9,500. In addition, if the bulls gather enough strength and regroup, the upward movement may be able to near the $9,300 and $9,500 resistance level.
However, on the downside, immediate support is around the $9,000 level while the main support is at the $8,800 level. The price may likely fall below $8,700 if the bears step back into the market, a further movement could reach the critical support at $8,500 level. Meanwhile, the stochastic RSI is moving into the oversold zone, suggesting more bearish signals in the market.
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