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#Bitcoin Price Analysis

BTC to USD, 12th May: Bitcoin Price Analysis, What’s Happening?

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Bitcoin price increased massively above $7000. Currently, it is quite unclear whether the bear market is over or is it a fake run.

Technical Indicators:

Support Level: $6850, $6500, $6000

Resistance Level: $7400, $7500

 

Key Points:

  • Bitcoin price surged massively after clearing above $6800 resistance level
  • BTC price has increased more than 25% in just a few days and recorded a new yearly high around $7450 today.
  • A bullish pattern is being formed with support around $6750 on the hourly chart.
  • Currently, the momentum seems quite bullish and BTC is moving towards $7800 range, however, there are still chances of a sudden downward move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price increased massively above $7000. Currently, it is quite unclear whether the bear market is over or is it a fake run, however, BTC seems to be approaching the $7500 and $7600 levels soon from where it might start correcting downwards massively towards $6800 support.

 

Bitcoin started a major bull run after breaking above the $6800 resistance this week which was being termed as the most critical resistance zone. On the way, BTC cleared through every possible resistance around $6000, $6200, $6400, $6500 and $6600. Soon, BTC even moved over the $7000 resistance level and also settled above the 100 hourly SMA and $7200. A new yearly high was also recorded above $7450.

Soon bitcoin price started to correct downwards, however, the support around $6850 proved quite strong and pushed the price back upwards.  Currently, BTC is trading around $7400 with the bulls trying to break above the resistance formed here.

If bitcoin price is able to break and settle above this range, it might soon test the $7500 and $7600 resistance levels, However, a bull market cannot be confirmed yet and BTC needs to settle well above the $6800 level for at least a few days before it can be confirmed. According to some analysts, the current market is being run by cryptocurrency exchanges and large BTC bulls and for them, profit-making is the only motive and hence there can be a sharp decline in the price of Bitcoin in the upcoming days. However, the current momentum seems quite bullish.

 

BTC to USD Price Chart 12th May

BTC to USD Price Chart 12th May

The chart shows that bitcoin price is currently moving upwards with a bullish momentum after it broke above the $6800 resistance level. BTC might correct downwards in the short term towards $6800 and $6500 levels. Bitcoin price needs to settle well above $6800 level for a few days in order to confirm a bull market.

#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin Price Analysis

BTC to USD, 14th May: Bitcoin Price Analysis, Actually Bullish?

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Technical Indicators:

Support Level: $7950, $7500, $6800

Resistance Level: $8000-8050, $8150, $8300

 

Key Points:

  • Bitcoin price surged massively and broke above $8000 resistance level in order to record around 13% gain in the last 24 hours.
  • A new yearly high for BTC price was recorded around $8180.
  • A bearish pattern line is currently being formed on the hourly chart with the resistance between $8000 and $8050 which might push the price downwards.
  • If Bitcoin price breaks above $8100 level in the short term, it might soon test $8500 level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price surged with bullish force and moved over $8000 resistance level. BTC is currently in a very positive zone and targeting the next resistance levels.

 

After Bitcoin broke above the $6800 and $7500 resistance levels, the bulls took full control and after correcting downwards to around $7000, bitcoin surged upwards massively breaking through $7200 and $7500 resistance levels quite easily. Also, BTC traded and settled well above the 100 hourly SMA. The bulls were also able to push the price above the $8000 resistance level and Bitcoin price even closed well above this level before correcting downwards.

 

The sellers around this level pushed the price downwards below $7800 support level. BTC tested the $7600 support level where the buyers appeared and stopped further losses. BTC is now back over the $7900 level moving towards $8000-8050 resistance level. However, there is a bearish pattern being formed with resistance around this level on the hourly chart which might push the price back downwards. If BTC is able to break above this range, there are chances that it might test the $8150 and $8300 resistance levels.

 

BTC to USD Price Chart 14th May

BTC to USD Price Chart 14th May

The chart shows that the bitcoin price is currently trading with bullish momentum. If BTC corrects downwards again, it is supported at $7950, $7500 and $6800 levels. On the upside, a break above $8050 resistance level might result in bitcoin testing $8300 and $8500 levels in the short term.

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