Bitcoin (BTC) Price Prediction – May 7
The daily chart reveals that the Bitcoin price is trading in positive territory, keeping up to 4.09% gains within 24 hours.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $11,000, $11,200, $11,400
Support Levels: $8,000, $7,800, $7,600
The daily chart reveals that BTC/USD broke free from the recent range and move above $9,500 resistance level as the upside momentum is gaining traction. Now that BTC/USD settled above $9,500, crypto bulls set their eyes at $10,500, which is the next critical resistance for the first digital coin. The technical indicator RSI (14) also reveals that BTC/USD is currently in the hands of the bulls.
Currently, the market price for BTC/USD and the daily candle is trading at $9,530 but if the bulls could successfully push the price above the channel, the next resistance levels may be found at $10,500, $10,700 and $10,900. Typically when the new uptrends are beginning to form, traders may use both the 9-day and 21-day moving averages as the nearest support level.
However, any failure by the bulls to move the price higher, traders may see a price cut to $5,500 vital support. A further low drive could send the price to $8,000, $7,800 and $7,600 supports. For now, the bulls are still dominating the market and as things stand, the BTC/USD price may continue to follow the upward trend because the RSI (14) focuses on the north.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking technically, BTC/USD needs to climb $7,500 above the upper boundary of the channel to mitigate the short-term bearish pressure and allow for an extended recovery towards $7,600. This psychological barrier may closely follow by $7,800 and $8,000 resistance levels.
In contrast, the nearest support is at $7,200, and a sustainable move lower will increase the downside pressure and push the price towards $7,000 and $6,800 support levels. Considering that the RSI (14) on a 4-hour chart is extremely within the overbought zone, traders might expect more bullish signals into the market.
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