Bitcoin Is In A Range In The Face Of Resistance At $27,500

May 18, 2023 at 08:54 // Price
Coin Idol
The overbought area is likely to reject the price of Bitcoin

Bitcoin (BTC) price is falling below the moving average lines.

Bitcoin price long-term forecast: bearish

Bitcoin has reached a high of $27,500 since the May 12 price collapse. In the overbought zone, further price gains are limited. At the time of writing, one Bitcoin is currently worth $27,275. On a positive note, Bitcoin is currently trading between $27,000 and $30,000, the range in which the price was previously trading. If buyers manage to overcome the resistance levels of $27,500 and $28,000, Bitcoin will rise and retest the high of $30,000. The current trend will continue if the existing support holds and buyers are unable to overcome the recent high. Meanwhile, if the current support is broken, the bears will gain control over the prices. The BTC price will fall back to its previous low of $25,200. The cryptocurrency asset is currently trading within its trading range.

Bitcoin indicator display

The Relative Strength Index for period 14 shows Bitcoin at level 43. The digital currency is in a bearish trend zone and is likely to fall further. As long as the price bars are below the moving average line, a decline is likely. Currently, the daily stochastic is above the level of 80, indicating that the market is overbought at the current level of the BTC price. The overbought area is likely to reject the price of the cryptocurrency.

BTCUSD_(Daily Chart) – May 18.23.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?

Currently, the price of BTC/USD is fluctuating between $27,000 and $30,000. Due to the presence of Doji candlesticks and small-scale uncertain candlesticks, the price movement has slowed down. When the range-bound levels are broken, Bitcoin will develop a trend.

BTCUSD_(4 –Hour Chart) - May 18.23.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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