Bitcoin Price Prediction for Today, May 6: BTC Price Plummets Below $36,000
The Bitcoin price prediction loses traction as the coin heads to the south; losses are likely to continue in the near term.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $30,000, $28,000, $26,000
Since the past few days, traders can easily see that BTC/USD is back in the red zone posting major losses of 1.62% on the day after commencing the trading at $36,537. However, the market movement has an intraday high of $36,664; although the world’s largest crypto touches the support level of $35,255 before going back to where it is currently trading at $35,944.
Bitcoin Price Prediction: The Bitcoin Price Ready to Plunge More
The Bitcoin price just moved toward the support level of $35,000, marking $35,255 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally searching for a new low? As the daily volume candle supports the bears, together with the 9-day moving average staying below the 21-day moving average, it can be assumed that a stronger bearish movement may surface within the market.
At the time of writing, BTC/USD is struggling to maintain the $36,000 level, and if the coin begins the downward trend as the technical indicator Relative Strength Index (14) crosses below the 40-level, the next support may come at $30,000, $28,000, and $26,000. On the contrary, if the coin moves above the moving averages, the further movement could face the lower boundary of the channel, but any bullish movement may hit the resistance levels at $42,000, $44,000, and $46,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, the Bitcoin price is hovering below the 9-day and 21-day moving averages to create a new low. However, should the bulls gather enough strength and cross above the 9-day moving averages; the upward movement may be able to near the resistance level of $38,000 and above.
However, on the downside, immediate support could be located below the lower boundary of the channel to hit the main support at the $35,000 level. The price may likely fall furthermore and move towards the critical support level at $34,000 and below if the bears put more pressure on the market, a further movement could push the coin below the lower boundary of the channel, and the Relative Strength Index (14) may cross into the oversold region.
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