Bitper oin Priper e Prediper tion for Today, May 14: BTC Retreats After Moving Close to dollar30,000 Level
Categories: Bitcoin US
Bitcoin Price Prediction: Bitcoin (BTC) May Remain at the Downside Looking at the Bitcoin price, one can say that the market price may likely follow the downtrend. For example, the technical indicator Relative Strength Index (14) may confirm the bearish movement as it is likely to remain within the oversold region. However, BTC/USD is still at great risk of dropping below the lower boundary of the channel.Moreover, bulls are banking on the support level of $29,000 to ensure that despite a rejection, the Bitcoin price stays above the $30,000 level. Any further bearish movement below this could push the coin towards the critical supports of $24,000, $22,000, and $20,000. Meanwhile, following the upward movement, if the coin moves above the 9-day BTC/USD Medium-Term Trend: Bearish (4H Chart) BTC/USD is seen hovering below the 9-day and 21-day moving averages as the 4-hour chart reveals, the bears may continue to be in control while the bulls are trying to defend the $29,500 support. If not, the $26,000, $24,000, and $22,000 support levels may come into play if the coin focuses on the downward movement.Moreover, buyers may need to regroup and hold the support of $29,000, once this is done, traders may expect a cross above the upper boundary of the channel, and breaking this barrier may further push the king coin to the resistance levels of $32,000, $34,000, and $36,000. Meanwhile, the technical indicator Relative Strength Index (14) is seen below 50-level, suggesting a sideways movement.