Bitcoin (BTC) Price Analysis – May 12
For the past two weeks, Bitcoin’s movement has been positive after surpassing the April $5600 level gaining 35% which has level up the momentum in the course of the weekly trading. Today, BTC touched $7600 and we can expect more incline in the future trading except for bearish control and dominance which may subdue market with low trading volatility.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $7600, 8000
Support levels: $6500, $6250
Earlier Today, Bitcoin price spiked again to $7600 on Bitfinex before a slight drop to $6800. As of now, the leading crypto is hovering around $7000 price level deciding on the next wave.
The daily candlestick is forming a doji. If the market closes at the above trading price, we may be checked for an indecisive market. The market may retrace to the nearest support of $6500 and possibly the $6250. Otherwise, the $7600 may be revisited as $8000 could be next after.
The daily RSI, however, is revealed at the highest condition; showing the bulls’ strength. Also, the MACD is positive; revealed the buying pressure. Meanwhile, the important 50-day MA (yellow line) is still trailing and supporting the positive move.
BTC/USD Medium -term Trend: Bullish (4H Chart)
Since Bitcoin monthly opening, the important 50-day moving average (yellow line) has supported the price action to the current peak of $7600. Significantly, the 4-hours MACD has traveled above the 200 level – showing the price increase.
For the bear sides, a low level could be located around the $6700 and $6500 equally. Meanwhile, the buyers are actually gaining control of the market on a medium-term outlook. Furthermore, the bullish rally could retest the $7600 resistance. A break above the resistance might further throw the buyers to around $8000 price level.
From the 4-hours RSI signal, Bitcoin fell from the overbought zone; reflected the slight retracement to $6800. However, BTC remains in a bullish area for now.
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