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BTC to USD, 13th May: Bitcoin Price Analysis, Major Crash Ahead?

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

Technical Indicators:

Support Levels: $7000, $6800, $6500

Resistance Levels: $7150, $7200, $7300

 

Key Points:

  • Bitcoin price moved over $7500 and recorded a new yearly high at around $7590.
  • BTC corrected sharply and fell below $7200, $7000, $6900 and $6800 support levels.
  • Bitcoin price tested the $6750 support level where buyers emerged and stopped further losses.
  • A bullish pattern is currently being formed on the hourly chart with the support at around $6950.
  • BTC will remain in an uptrend only if it is able to maintain itself above $6950 and $6800 support levels.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price fell down sharply after rising up to $7590. BTC is trying to gain momentum however, it might fall down to test $6750 support again, below which it can fall to $6500 and even $6000 level.

 

Last week, Bitcoin price surged massively break above all major resistances just as a knife through butter. This was quite unexpecting as the $6800 resistance level which was being discussed from a very long time did not prove to be strong at all. Besides this, some cryptocurrency analysts are calling the current bitcoin surge a result of manipulation being done by cryptocurrency exchanges in order to liquidate the shorts.

 

Bitcoin was able to break above the $7000, $7200 and even $7350 resistance levels. The bulls pushed the price towards $7500 level and BTC was able to settle above the 100 hourly SMA. BTC was able to break above the $7500 resistance level and reached up to $7590 before correcting downwards.  The selling pressure increased massively and BTC even moved below $7000 support level.

 

Currently, Bitcoin price is trading above $7000 level where minor support is formed. If BTC is not able to maintain its position above $6950 and $6800 support levels for long, it might test the $6500 level, below which the momentum might turn bearish and BTC might even crash below $6200 and $6000 levels. For now, the bulls are trying to gain momentum and trying to break above the solid resistance formed around $7100 and $7150.

 

BTC to USD Price Chart 13th May
BTC to USD Price Chart 13th May

The chart shows that bitcoin is still in an uptrend despite crashing down from over $7500 to below $6900. However, it is very essential for BTC to break above $7150 resistance in order to continue the uptrend. Also, if BTC moves below $6800 support, it might move towards $6500 and $6200 levels. A break above $7200 might lead to BTC testing $7300 and $7500 resistance levels again.

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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