Bitcoin Price Prediction – May 9
BTC/USD moves up in a rallying manner under the $60,000 resistance in a bid to make complete recovery value of the last lost momentum.
Resistance levels: $60,000, $65,000, $70,000,
Support levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
The daily chart reveals that BTC/USD is struggling to push above the crucial resistance level of $60,000. On May 8, the crypto coin tested the bearish trend-line drew from the below. Currently, the market trades at a reduced percentage of about 1.28 in its movements to the upside. The 14-day SMA trend-line is above the 50-day SMA indicator to still attest to the possibility of seeing more upsides in the market. The Stochastic Oscillators are in the overbought region consolidating within it.
Will the BTC/USD market still stays underneath the $60,000 resistance?
The emergence of a bullish candlestick is required to break out at the $60,000 resistance level to propel back the swing high in the market. The moving of the SMA trend-line across the point to the north will put the BTC/USD bulls on a brighter note of surging northbound more in the crypto-economy.
As regards the downside, a lot of forces have to be garnered once around the main resistance trading zone of $60,000 or in an extension of $65,000 by bears to checkmate the upcoming uptrend continuation into another higher level surpassing the previous hiked value. A breakdown of the SMA at this point, will not lead to seeing the 50-day SMA indicator crossed to the south in a near session for a full-fledged bearish trend return’s confirmation
BTC/USD 4-hour Chart
The 4-hour chart depicts the BTC/USD market relatively sets on a relative appreciating degree to achieve a point a bit above the SMA indicators. The 14-day SMA trend-line is located over the 50-day SMA trend-line. As of writing, the intraday market looks relaxing as price trades in between the levels of $58,000 and $60,000. The Stochastic Oscillators crossed from the overbought region toward range 40. A slight cross back will signal the possibility of getting to see a return of an upswing from the level of $58,000.
Remember, all trading carries risk. Past performance is no guarantee of future results.