Bitcoin Price Prediction: BTC/USD Is Above $9,200, a Rally to $10,000 Is Likely

Bitcoin (BTC) Price Prediction – May 7, 2020

Expectantly, the bulls broke $8,800 resistance and have sustained the upward move. Today, the bulls are testing the $9,300 price level at the time of writing. Presently, buyers are targeting to break the $9,400 resistance.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

For the past three days, BTC/USD pair uptrend has been consistent as bulls broke above $8,800 resistance. It is assumed that a break above $8,800 resistance will propel price to reach the $9,100 and $9,200 support. The bulls have reached the initial target prices and are battling to sustain the upward move. The price is now above $9,300 and it is approaching the $9,400 resistance. On the upside, it is assumed that if BTC is pushed above the $9,400 resistance, the market will rally above $10,000.

Then the momentum will extend to $10,500. However, if the bulls turn down from the $9,400 resistance, a downward move of the coin will ensue. A downward fall to the $8,500 is expected. Nevertheless, if the bulls break the $8,400 support level; the downtrend will continue to the low of $7,800. Meanwhile, price is  below the resistance line of the ascending channel. Bitcoin is likely to reach the $10,000 resistance if price breaks above the resistance line and closes above it. The king coin is still trading at level 75 of the Relative Strength Index period 14.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC rebounded after the bulls break the $8,800 resistance. The market reached a high of $9,345 and later retraced to $9,105 price level. The market has moved up and the bulls are struggling above $9,200 resistance. Meanwhile, BTC is below 80% range of the daily stochastic. However, the stochastic bands are making a U-turn upward. This indicates a bullish momentum. 

Please note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Michael is an editor at CurrencyTimes, with a background in energy and economics. He keeps an eye on Blockchain's applications in building smarter and more equitable energy access globally.

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