Published 14 mins ago
Bitcoin Price Prediction: The ongoing correction in Bitcoin price shows the formation of a new lower high at $30000, violating the Dow theory of an uptrend. This lower peak gives sellers an opportunity to recuperate and prolong the retracement phase. Moreover, the two highs shown in the daily chart can be used to draw new resistance trend lines which could determine how long the BTC price may remain in a correction phase.
Key Points:
- The Bitcoin price may prolong the bear trend until the overhead trendline is intact.
- Bitcoin Fear & Greed Index at 64% reflects a bullish sentiment among traders
- The intraday trading volume in Bitcoin is $16.1 Billion, indicating a 2.83% gain.
Source-Tradingview
On May 1st, the Bitcoin price flipped local support of $28875 into a suitable resistance that sellers can use to pressurize the buyers for further fall. By the press time, the coin price trades at $28777 with an intraday loss of 0.12%. With sustained selling, the coin price should tumble 6% and hit the $27000 support.
The aforementioned support has managed to hold the Bitcoin price higher since mid-March and aligned with the 23.6% Fibonacci retracement level it creates a strong accumulation zone. Thus, it is likely that the coin holders may whiteness a consolidation for a few trading sessions before giving a decisive breakout.
Thus, interested traders must keep a close eye and the $27000 support and the above-mentioned trendline, as a breakout from either of them will determine the future trend.
A breakout above the trendline will replenish the bullish momentum and surge the bitcoin price by 8% to hit a $31000 peak.
Conversely, a breakdown below $27000 will prolong the correction phase by another 6-7% to hit $25000.
Technical Indicator
Exponential Moving Average: The breached 20-day EMA slope flips into a viable resistance encouraging the resumption of a downward trend.
Fibonacci retracement level: A retracement to 23.6% FIB level is still considered healthy and keeps the overall trend bullish.
Bitcoin Price Intraday Levels
- Spot rate: $28762
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $28875 and $30750
- Support levels- $27000 and $25000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
