Author Topic: Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – May 8  (Read 189 times)

Offline BitcoinExchangeGuide

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BTC/USD Medium-term Trend: Bullish
•   Resistance Levels: $6,800, $6,900, $7,000
•   Support levels: $6,000, $5,900, $5, 800

Yesterday, May 7, the price of Bitcoin was in a bullish trend zone.  Yesterday, the crypto’s price rose and tested the $6,300 price level and was resisted.  The BTC price was facing resistance at the $6,300 price level.  The crypto’s price fell to the support of the 12-day EMA.  In other words the crypto’s price broke the 0. 236 (23. 6%) Fibonacci retracement level.

The crypto's price would be in a downtrend if it had broken the 0. 382 (38. 2%) Fibonacci retracement level.  The BTC price is likely to rise because it is within the continuation zone of the Fibonacci levels.  The crypto's price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

On the downside, if the bears break below the EMAs, the BTC price will be in a downtrend.  Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.  The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.


BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC price is in a bullish trend zone.  On May 7, the bulls tested the $6,280 resistance level on two occasions and were resisted.  In the second attempt, the bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone.  The crypto’s price fell to a low at $6,096. 90.

If the $6,100 price level holds, the crypto’s price will rise to retest the $6,300 resistance level. The MACD line and the signal line are above the zero line which indicates a buy signal.  The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.


The views and opinions expressed here do not reflect that of BitcoinExchangeGuide. com and do not constitute financial advice.  Always do your own research

Source:  https://bitcoinexchangeguide. com

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