Bitcoin cryptocurrency rate is adjusted after the pump to $ 9,950. However, a bullish trend dominates the market, so BTC/USD should go up to $ 10,000 by May 26th.
Key Points
- BTC/USD fell by 3%, but is located above the support area at $ 9,500.
- A declining triangle has formed with a resistance of $ 9,700.
- The value of the asset will increase if the bulls manage to defend the $ 9500 barrier.
On May 18, buyers were unable to break through resistance at around $ 10,000, as a result of which there was a downward trend. At the same time, BTC/USD fell to $ 9,518 (Bitstamp exchange data). At this level, they began to actively buy the coin, and the Bitcoin rate grew to $ 9,601.
The key support zone of $ 9,500 is located at 61.8% Fib recorded during the BTC rate pump from $ 9,252 to $ 9,945. Given these factors, it can be assumed that the downward movement will stop at around $ 9,500, after which a new take-off will begin at least up to $ 10,000.
What Range Will Bitcoin Change?
The bullish trend will meet resistance at $ 9,700 and $ 9,800. However, the nearest powerful barrier is at $ 10,000. Support barriers formed at $ 9,500, $ 9,400, and $ 9,250.
On May 17, the declining triangle was broken up, but the BTC price could not stay in the range above the bearish trend line. Nevertheless, the dynamics of changes in the asset rate did not go beyond the upward trend that arose on March 13, therefore, there remains a high probability of further growth in the value of the cryptocurrency.
The chart data suggests that BTC/USD will fluctuate inside the contracting triangle. At the same time, the price range is $ 8,900- $ 9,600. The lines of the figure will intersect on May 28, as a result of which the Bitcoin exchange rate volatility should increase after this date. If the BTC price moves beyond the established range before the intersection of lines, this will indicate the start of an upward or downward trend (depending on the direction of breaking through the triangle).
Technical indicators:
4 hours MACD is in the bearish trend zone.
4 hours RSI is above 50 (in the neutral area).
The main support level is $ 9,500.
The main resistance level is $ 10,000.
The nearest pivot points are $ 9,264 and $ 9,937.
Source: en.bit.news
