Bitcoin Price Prediction – May 29
The Bitcoin price gains 4.17% as bulls keep working hard to nurture a bullish trend from the support at $33,333.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $28,000, $26,000, $24,000
BTC/USD is currently trading at the $36,072 resistance level. The market price is trading below the 9-day and 21-day moving averages, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been towards the south and in the context of the Bitcoin exchange rate forecast; an application of $40,000 is expected.
Bitcoin Price Prediction: Will BTC Break Above $40,000 Level?
After a successful break above $35,000, BTC/USD extended its recovery to touch the daily high at $36,500. The Bitcoin price cleared the $34,000 support after it touches the daily low of $33,333. Therefore, the next key resistance is near $38,000, above which the price might test $40,000. Meanwhile, on the downside, the $35,000 level is decent support to keep the Bitcoin price above the 9-day moving average. However, the main breakdown support may be forming near the $33,000 level.
Moreover, traders may need to buy BTC when the red-line of 9-day MA is above the 21-day MA and the Bitcoin price rises to a resistance level of $45,000 while the technical indicator Relative Strength Index (14) signal line is considering the way above 35-level. Meanwhile, looking at the market movement, there is likely that it may experience a quick retracement or sell-off just in case it touches the critical $30,000 support but if not; traders may see the resistance levels of $42,000, $44,000, and $46,000 before pushing higher.
On the downside, if the market decides to fall, the Bitcoin price could fall below the lower boundary of the channel at $30,000, and if that support fails to hold the sell-off, BTC/USD could see a further decline towards the support levels of $28,000, $26,000, and $24,000. As reveals by the technical indicator, the market may gain more if the RSI (14) crosses above the 50-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, traders expect the coin to gain the lost momentum and hit the trade above $40,000. On the contrary, if the selling pressure still exists and holds the coin not to be able to cross above the 9-day and 21-day moving averages, the $33,000 and below may come into play.
However, if the buyers push the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $39,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is facing down, suggesting that more bearish signals may come to play.