Bitcoin (BTCUSD) Price Forecast: May 11
BTCUSD‘s price may possibly turn upside to resume its uptrend. The cryptocurrency is on the verge of reversal at the moment. An increase in the bulls’ pressure may break up the supply mark at $27455.01 and this may swing up the coin price to the $30000.00 upper resistance mark and beyond.
Key Levels:
Resistance Levels: $25000.00, $26000.00, $27000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The BTCUSD pair is in a downward move in its long-term perspective. The price bar is below the moving average lines indicating a bearish trend.
The interference from the bears at the $27279.66 support level during the previous action has moved the price down below the supply trend levels in its recent low price level.
Earlier today, the inflow from the bears dropped the coin price to a low at the $27455.01 support value below the moving averages even as the daily session opens today. Thus, traders who buy the coin during a bearish market session will also make profits. Hence, should the bulls respond to the shift in the trend and challenge the current support value, a further bearish thesis would be nullified.
In addition, the market is oversold already. This means that the selling pressure will soon be exhausted.
This will bring the emergence of more buyers soon and push the price of Bitcoin to the upside, and in this case, the bullish correction rally might extend the coin price to the $30000.00 upper resistance value in the coming days in the higher time frame.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The coin is also displaying a bearish posture in its medium-term outlook. This is due to the high inflow from the short traders. 
The increase in the momentum by the bears at the $27298.22 support value during yesterday’s session has dropped the coin price below the supply trend line.
Further, the coin price is gathering momentum and has decided to face the upsides to achieve more gains.
Now, the current pullback at the $27741.73 supply value as the 4-hourly chart opens today indicates the return of the long traders to stage a play and dominate the market actions.
Should buyers prove strong and move the price above the previous high at the $31050.00 level, further selling pressure will be hibernated.
Hence, the Bitcoin market is pointing upwards at the oversold region of the daily stochastic. This means that the market is oversold. This will compel the bulls to resume the bullish trend.
We can certainly expect more gains and strength from the coin now. As a result of this, the pair may likely turn to the upside to retest the $31050.00 resistance level soon in its medium-term time frame.
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