Bitcoin (BTC) Price Prediction – May 19, 2021
Following the rejection at $60,000 overhead resistance, Bitcoin has continued to slide on the downside. The king coin has fallen below the $40,000 support at the time of writing. There are indications of a further downward movement to the $28,000 low.
Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000
After the bearish impulse on May 12, the BTC/USD price settled above $48,611. Buyers attempted to push the crypto upward but were resisted at the $51,000 high. The rejection at $51,000 high signals the second round of downtrend. Bitcoin has declined to $39,708 at the time of writing. The downtrend is likely to extend to the low of $28,000. The $28,000 support is the historical price level of January 21 and 27. Bitcoin price retested the support level twice and rebounded above it. The rebounds catapulted the crypto to the $50, 000 psychological price level. BTC/USD is likely to decline and find support above the $28,000 historical price level.
Bitcoin (BTC) Indicator Reading
Bitcoin has fallen to level 25 of the Relative Strength Index period 14. It implies that BTC price has fallen into the oversold region of the market. The current downtrend is nearing bearish exhaustion. It is most likely that buyers are likely to emerge in the oversold region of the market. Similarly, the BTC price is below the 20% range of the daily stochastic. It indicates that the coin is in the oversold region. Also, that BTC price is in a bearish momentum.
Meanwhile, the king coin has continued to depreciate on the downside. The Fibonacci tool has indicated a further downward movement of the coin. On April 23 downtrend; Bitcoin fell to the low of $48,000. The last retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will decline to 2.0 Fibonacci extension or level $29,811.80.