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