BTC/USD Price Prediction — Are Bulls Making a Pause Before $10,000?

Price Predictions
Fri, 05/17/2019 - 02:00
Denys Serhiichuk
Bitcoin keeps trading sideways: Is the current situation a consolidation before one more parabolic growth?
Cover image via 123rf.com

On Thursday, May 16, Bitcoin quotes reached a ten-month high at $8,390 on Bitstamp, but then a sharp correction started, and BTC returned to the level of $8,000.

Related
Bitcoin Mining Is Becoming More Decentralized

The bulls need to raise the price above $8,000 to cancel the corrective movement. However, over the past 48 hours, Bitcoin has failed to consolidate above the psychological mark, and RSI indicates in favor of a significant overbought.

Moreover, BTC’s market share fell to 56.7%, since altcoins are feeling better with a double-digit increase per day.

However, in terms of the yearly candles, the chief crypto has gained 118% so far.

Bitcoin candles by ChartsBtc

Our BTC price prediction for today has already come true, thanks to the $7,900 decline.

BTC/USD chart by TradingView

On the 4-hour chart, we see that yesterday Bitcoin suddenly left the level just above $8,300 to $7,600 with a sharp reversal. Thus, the leading crypto set a higher minimum, which is very pleasing to the bulls.

Related
Here’s the Most Reasonable Explanation Why Bitcoin’s Price Surged to New Highs

If BTC/USD can set a new maximum, then it will significantly increase the chances that Bitcoin will test $9,000 in the short-term scenario. A loss of a minimum of $7,600 means a break in parabolic growth and testing much lower prices.

On the daily chart, the situation looks a bit different.

BTC/USD chart by TradingView

The MACD indicator continues to show highs, illustrating that the price movement may still be valid for continued growth, even though this is probably the end of the parabolic phase.

As the events of December 2017 show, the last phase can bring the most prominent price movements in a short time – both up and down.

The price of BTC is trading at $7,840 at the time of the writing.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy