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Bitcoin Price Analysis, 24th May: BTC going to crash downwards?

Bitcoin price was able to recover nicely after testing the $7500 level. BTC is facing a massive resistance around $7950 which might lead to another crash.
Bitcoin price was able to recover nicely after testing the $7500 level. BTC is facing a massive resistance around $7950 which might lead to another crash.

Technical Indicators:

Support Level: $7600, $7500

Resistance Level: $7900-7950, $8000

 

Key Points:

  • Bitcoin price corrected downwards and tested the $7500 level recently.
  • Later, the buyers were able to push the BTC price above $7800 and $7850 resistance levels.
  • Currently, a bearish pattern line is being formed on the hourly chart with resistance between $7950 and $8000 which might push the price downwards.
  • There are chances that bitcoin price might soon crash towards $7700 and $7600 support levels.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price was able to recover nicely after testing the $7500 support level. Currently, BTC is facing a massive amount of resistance around $7950 which might lead to another crash.

Bitcoin price started to correct downwards massively yesterday. The sellers pushed the price below $7850 support level very soon. Later, the selling pressure kept increasing and BTC soon broke below the 100 hourly SMA and $7650 level. Bitcoin price even tested the $7500 level where the buyers were able to stop further losses.

However, later, bitcoin price was able to recover nicely and broke above $7700 and $7850 resistance levels. Currently, Bitcoin is trading around $7850 level and is facing a massive amount of resistance between $7900 and $8000 level. Also, there is a major bearish pattern line being formed on the hourly chart with the resistance between $7950 and $8000 which might push the price back downwards towards the $7700 and $7600 support levels.

If the Bitcoin price is able to break and settle above the $8000 resistance level, it could soon move towards $8200 and even $8300 levels. However, until the price is below this level, there is a high risk of crash towards $7500 level below which the momentum might turn bearish.

BTCUSD Price Chart 24th May
BTC/USD Price Chart 24th May

The chart shows that the bitcoin price was able to recover nicely after falling below $7500 level yesterday. However, currently, BTC is facing a lot of resistance around $7900 and $8000 which is pushing the price back downwards. BTC might soon test the $7700 and $7500 support levels before starting a fresh upside move. If bitcoin price is able to break above $8000 level, it might open doors for $8200, $8300 and even $8500 resistance levels. However, a move below $7500 can turn the overall momentum bearish.

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Written by Ruchi Ramaswamy

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