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BTC to USD, 10th May: Bitcoin Price Analysis, Will it Crash?

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Technical Indicators:

Support Level: $6000

Resistance Level: $6300

 

Key Points:

  • Bitcoin price surged massively and broke above the $6200 resistance level.
  • BTC was even able to break above the $6300 resistance levels and now aiming for $6500.
  • A bullish pattern line is being formed with current support at around $6000-6050 on the hourly chart.
  • BTC might correct downwards towards $6000-6050 level soon.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price surged more than 4% yesterday and moved over the $6200 and $6300 resistance levels before correcting downwards. BTC is currently trading in positive momentum, however, a correction towards $6000-6050 is likely before it can aim for $6500 level.

 

The current week was quite bullish for bitcoin price as it was able to rise above the major resistance levels that were $6000, $6200 and $6300. The bulls gained pace after breaking above $6100 level and the 100 hourly SMA. The buyers were able to push the price above $6200 and $6300 resistance levels, recording a new yearly high at around $6314. However, a lot of sellers emerged around this level and bitcoin price started to correct downwards below $6300 level.

 

Minor support lies around $6200 below which BTC might test $6050-6000 level again. There is a bullish pattern line being formed around this support level. However, if bitcoin price falls below this range, it might extend losses to test $5950 and $5800 levels again. The support around $6000-6050 seems quite strong and might be able to stop further losses.

 

Current, Bitcoin is in a bullish momentum above the $6000 support level and the 100 hourly SMA. On the upside, however, a lot of hurdles have appeared around $6300, $6350, $6400 and $6500 which might push the price back downwards.

 

BTC to USD Price Chart 10th May
BTC to USD Price Chart 10th May

The chart shows that bitcoin price is currently trading in a positive momentum over $6200 with the current support at $6000 level. BTC could soon test the $6300 and $6400 resistance levels, however, there might be bearish moves in the short term which might push the price back towards $6000 and $5900 levels.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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