BTCUSD Medium-term Trend: Bearish
Resistance: $8,450, $8,400, $8,350
Support: $8,150, $8,200, $8,250
Yesterday, May 21st, th price of Bitcoin was trading above the $8,000 price level. The asset faced resistance at a price of $8500 and the assumption was that if the bulls could break the price at $8,500, the price would reach the highs of $9,000 and above. Today, the price of Bitcoin is trading at $ 8,328.69 as at the time of writing.
From the weekly chart, the price of Bitcoin failed to break the initial resistance at $8,500 and the asset was compelled to fall and move in a range bound movement. On May 12th, the price of Bitcoin fell from the high of $9,369 to the low of $8,387 and the price levels of $9,000 and $8,000 were created as the range bound zone of the asset. In the first week, the asset was ranging above the $8,500 price level but could not break the resistance level at $9,000.
In the second week the asset was ranging below the $8,500 price level but unable to break the resistance level at $8,500. However, the price may continue its range bound movement if the bulls fail to break the resistance level at $8,500. Conversely, the asset may fall to the lows of $7,000 and $6,685, if the bears break the support level at $8,000.
BTCUSD Short-term Trend: Bearish
On the daily chart, the price of Bitcoin fell from the high $8,500 to $8,300. At the resistance level of $8,500, the asset was ranging and then fell to the low of $8,300. The asset has resumed its range bound movement.
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