Bitcoin Price Prediction for Today, May 9: BTC Trades Below $33,000 as Bears Show up Heavily
The Bitcoin price prediction shows that BTC is currently down by 3.04% after terribly crossing into the negative side.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $28,000, $26,000, $24,000
The daily chart reveals that BTC/USD is now trading below the $33,000 support level. As the Bitcoin price fails to stay above this level, the coin may likely see another sharp drop below the support level of $32,500. However, the red line of the 9-day MA is already below the green line of the 21-day MA as the Relative Strength Index (14) heads into the oversold region.
Bitcoin Price Prediction: Bitcoin (BTC) Ready to Fall More
The daily chart reveals that the Bitcoin price refuses to move to the positive side as the coin is ready for another few days of negative price declines below the $32,500 level. Therefore, the first support level could be located at around $32,000. Beneath this, other support lies at $28,000, $26,000, and $24,000 levels. Meanwhile, a break above the previous level of $35,000 could set Bitcoin up to retest the $36,000 level.
Now, the Bitcoin price is likely to cross below the lower boundary of the channel, which could become new support. Furthermore, traders can see that the Bitcoin price is ready to drop more. More so, if the coin moves toward the upside, the king coin could locate the potential resistance levels at $38,000, $40,000, and $42,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
The 4-hour chart shows that the Bitcoin bears are now back fully into the market pushing the BTC price below the support level of $33,000. Although the Bitcoin price has not yet slipped below $32,000, it’s still in the loop of making a bounce back.
Looking at the chart, the Bitcoin price is likely to cross below the lower boundary of the channel while the possible upward movement may push the price to the nearest resistance level of $36,000 and above. On the other hand, any further bearish movement below the channel may locate support at $30,000 and below. The technical indicator Relative Strength Index (14) stays within the oversold region, suggesting bearish movement.
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