- Volatility is coming and coming fast
- This could lead to a hundred dollars move and retest the high at $8,390
- A move to $8,400 – $8,500 with good volume and strength will have BTC straight to about $10,000
Since first surpassing $8,000 on May 14th in 2019, the leading cryptocurrency has been stuck at this level. Bitcoin surged to 10-months high, marking an “extremely” bullish month and signaling the beginning of a bull market, however, it is yet to go above $8,400.
Given the way, we are struggling at $8,000 level, it is expected once we are able to get a good push here, we will jump to $9,000 and further climb to $10,000 easily. At the time of writing, the price of Bitcoin (BTC/USD) has been trading at $7,936 with 24-hours loss of 1.19 percent.
$BTC above 8400 would give far more conviction + confirmation.
BUT – a few thoughts as price is hitting this resistance for the 4th time in May:
– Demand is strong
– All higher lows since Apr 1st
– Level gets weaker on each testI lean towards greater chance of continuation.
— Luke Martin (@VentureCoinist) May 24, 2019
As we recently shared the analysis of market trader and analyst Benjamin Blunts, following his “squiggly lines” the flagship cryptocurrency will take a drop to around $7,700 and from here, we’ll make our way to $9,400.
“BTC is still chopping around following my imaginary lines pretty well so far however price is really coiling up now and i reckon we should see a direction candle within the next day or 2, preferably monday,” said Blunts.
ETH and BTC both gonna have to make a choice soon. pic.twitter.com/S52784Ku4C
— Ledger Status (@ledgerstatus) May 24, 2019
Similar sentiments are shared by crypto analyst DonAlt who says from this point, Bitcoin will move either in upwards or downwards direction. But no matter where it goes, it will go fast as volatility is coming.
Talking about what he is seeing, he further says, “Trend, momentum and so on are on the bull side & the chart looks stupid bullish. That said I've been getting a bad feeling about PA the recent days, not a place to be overexposed.”
No matter which way this goes, it'll go fast.
Position yourself & your risk accordingly.Volatility incoming. pic.twitter.com/74LyV797Y4
— DonAlt (@CryptoDonAlt) May 25, 2019
Akin to DonAlt, crypto trader and investor, Josh Rager says on the lower time frame, Bitcoin is forming a triangle with higher lows and lower highs which could lead to an incoming of volatility that might see a move of hundred dollars and retest the high at $8,390.
A possibility Rager sees is “we could is push up (which could really push up RSI) and then back down hard into the larger triangle.”
$BTC – 30 Min Chart
On lower time frame, Bitcoin is forming a condensing price pattern, aka a triangle with lower highs and higher lows
Could lead to incoming volatility with a several hundred dollar move
Would love for a continuation of uptrend to retest $BTC highs at $8390 pic.twitter.com/sfp3VQd1hI
— Josh Rager 📈 (@Josh_Rager) May 25, 2019
If we take a look at the analysis of crypto analyst Alan Masters, Bitcoin continues to go lower and though there being a few bear signals, BTC is still consolidating sideways and safely trading above EMA10.
Despite Bitcoin looking exhausted, it is holding “pretty nice lately.” So, next, we can make another failed attempt to break to the upside, only to retrace and try again. However, in case of a sudden retrace, Bitcoin has multiple levels of support at $7,770 followed by $7440 and if the drop is strong, then $6999 is next.
On its flash crash, the lowest we could go is $6,400 but he says it is “very” unlikely. What is “most likely” is after a little retrace, we would try again and break the last high. If we manage to break above $8,400 – $8,500 with good volume and strength, the BTC can go straight to about $10,000. While there are many crypto trading strategies to choose from, it appears time to ready your BTC/USD positions based on these community experts input and analysis.
Bitcoin’s price is $6,261.27 BTC/USD exchange rate today. The real-time BTC market cap of $114.53 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $6.41 Billion and live coin value change of BTC -5.36 in the last 24 hours.
Recent Real-Time Bitcoin Price News and Analysis
