Bitcoin Circles Above $27,300 Support And Reaches Oversold Zone

May 11, 2023 at 09:27 // Price
Coin Idol
Buyers are preventing the Bitcoin price from falling further

Bitcoin (BTC) price has fallen above the $27,309 support level since May 8. The bears have been working hard to maintain the downtrend over the past 48 hours.

Bitcoin price long-term forecast: bearish

Buyers trying to push the bitcoin price above the $28,000 support level were rebuffed by the $28,400 high. As a result, the BTC price suddenly fell to a low of $26,850, although bulls continued to buy on price declines. Buyers are preventing the Bitcoin price from falling further. The price of one Bitcoin is currently at $27,429. Buyers are trying to hold the current support in anticipation of a price increase. The bullish momentum is having trouble breaking through the $28,000 high. If the bears break the current support of $27,000, the downtrend will continue. BTC's low is between $26,000 and $25,200, and Bitcoin is currently circling support at $27,400.

Bitcoin indicator display

Bitcoin is at level 41 of the Relative Strength Index for period 14. As the price of BTC continues to fall, it is in the downtrend zone. As long as the price bars are below the moving average lines, Bitcoin will continue to lose value. Bitcoin is experiencing bearish momentum below the daily stochastic level of 50. As the BTC price consolidates above the recent support, the bearish momentum has decreased.

BTCUSD_(Daily Chart) – May 11.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

The downtrend has paused as the bitcoin price consolidates above support at $27,309. The largest cryptocurrency is vulnerable to further price declines as long as it remains in the downtrend zone. However, a price rise will push Bitcoin above $28,000. The bullish momentum will then continue to the $30,000 high.

BTCUSD_(4 –Hour Chart) - May 11.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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