Bitcoin (BTCUSD) Price Forecast: May 17
The BTCUSD pair is possibly making its way up after hitting the $26700.00 low level to signal a pump. Thus, a strong push from the current price at the $27556.40 supply value above the $26786.99 high mark will put the crypto in a bullish trend and this may further break up the $31050.00 resistance level which may extend the price to a $35000.00 resistance level resulting in intraday gains for the buy traders.
Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The market value of BTCUSD can be seen in a bearish scenario in its long-term outlook. This is due to interference from sell traders. The bearish pressure at the $26700.00 support level in the past few days has made the coin stay below the supply trend levels.
Earlier today the coin buyers responded to the market and break out from the support trend line to a high at the $27556.40 supply value below the two EMAs; this is an indication that the bulls are returning gradually for an increase in the coin price and to command the Bitcoin price actions. This will give room for the buy investors to influence the price tendency.
Hence, the current correction phase may likely continue as the momentum indicator now points upwards on the daily stochastic, we can now expect the coin price to reach a significant level of $35000.00 supply trend line as the bulls continue with their bullish correction and remain dominant in its long-term perspective.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The high inflows from the buy traders now made the BTCUSD price trade in the bullish trend zone in its medium-term outlook.
After a series of moves by sellers to a low at the $27324.00 level, the bulls successfully pulled back and moved the coin price up to the $27379.02 supply mark slightly above the EMA-9. This indicates the bulls’ gradual return to the market to resume an uptrend. Should the bulls add more effort to their buying motives in the market; further selling pressure will be hibernated.
Meanwhile, further upsides are likely as the price signal is pointing upwards, this means that the upward rally will still continue and may likely break up the $31050.00 resistance value and this may reach the $35000.00 supply value soon in the medium time frame.
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