- On the upside, a bullish break at the $8,800 price level could propel the price to rally above the $10,000.
- On the downside, if the bulls fail to break the $9,000 overhead resistance, the BTC market will resume its range bound move between price levels.
BTC/USD Long-term Trend: Bullish
- Resistance levels: $8,500, $9,000, $9,500
- Support levels: $7,500, $7,000, $6,500
The BTC/USD pair is in the bullish trend zone. The 12-day EMA and the 26-day EMA are also trending horizontally but partially northward. In the last one month, the BTC market had been trading between the levels of $7,600 and $8,800. The bulls made three attempts to break the overhead resistance.
Similarly, the bears attempted to break the lower price range on four occasions but the bulls defended the support level. However, on May 17, the bears broke the lower price range to a low at $7,200 but the bulls pulled back into the range bound zone. Nevertheless, the BTC market has to have more buyers at the upper price levels so that buyers could emerge at other price levels.
On the upside, a bullish break at the $8,800 price level could propel the price to rally above the $10,000. On the downside, if the bulls fail to break the $9,000 overhead resistance, the BTC market will resume its range bound move between price levels. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Bitcoin’s price is $8,708.56 BTC/USD exchange rate today. The real-time BTC market cap of $154.66 Billion currently ranks #1 with a chart dominance at 56.41%, daily trading volume of $6.31 Billion and live coin value change of BTC 5.74 in the last 24 hours.
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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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