Bitcoin Price Prediction – May 17
The daily chart reveals that the Bitcoin price is down by 4.89% in the last 24 hours, trading at $44,195 at the time of writing.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $38,000, $36,000, $34,000
It is very important for BTC/USD to reclaim the ground above $45,000 as soon as possible, the reason being that more action is expected above this level. However, the longer Bitcoin (BTC) stays under $45,000, the stronger the bears get. Therefore, the support at $42,000 may not be enough to hold the intense pressure. In this case, the Bitcoin price could refresh lows towards $40,000.
Bitcoin Price Prediction: Will BTC see a Further Downside?
In the meantime, consolidation is likely to take precedence with support at $42,500 holding well. The technical indicator Relative Strength Index (14) also puts emphasis on the possible downtrend action as the signal line moves into the oversold region. The same situation is reflected by the moving averages as the red-line of the 9-day moving average is still below the green-line of the 21-day moving average.
The next 5 days could be extremely crucial for the Bitcoin price. Therefore, if BTC/USD fails to break above the moving averages in the next few days, the market price may continue to follow the downward trend or it may just sit between the $40,000 – $35,500 price range. As the case may be, any bullish movement in the market may hit the resistance levels of $50,000, $48,000, and $46,000 while the supports are located at $38,000, $36,000, and $34,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, BTC/USD is seen on a downward move and the coin may continue to depreciate if the $42,500 support is broken. The 9-day moving average is seen below the 21-day moving average, since this is happening, the Bitcoin price may continue to fall and could reach the critical supports at $40,000, $38,000, and $36,000 respectively.
Meanwhile, if the bulls can hold the current price tight, BTC/USD may likely cross above the moving averages to hit the potential resistance at $48,000, $50,000, and $52,000 levels. The Relative Strength Index (14) is now moving below 40-level, indicating sideways movement for the market.