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Forex Discussions
Technical Analysis
Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – May 8
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[QUOTE="BitcoinExchangeGuide, post: 164155, member: 54702"] [SIZE=5][B]BTC/USD Medium-term Trend: Bullish[/B] [B][/B][/SIZE] · Resistance Levels: $6,800, $6,900, $7,000 · Support levels: $6,000, $5,900, $5, 800 Yesterday, May 7, the price of [URL='https://bitcoinexchangeguide.com/cryptocurrency-news/bitcoin/btc-price/']Bitcoin[/URL] was in a bullish trend zone. Yesterday, the crypto’s price rose and tested the $6,300 price level and was resisted. The BTC price was facing resistance at the $6,300 price level. The crypto’s price fell to the support of the 12-day EMA. In other words the crypto’s price broke the 0.236 (23.6%) Fibonacci retracement level. The crypto's price would be in a downtrend if it had broken the 0.382 (38.2%) Fibonacci retracement level. The BTC price is likely to rise because it is within the continuation zone of the Fibonacci levels. The crypto's price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. On the downside, if the bears break below the EMAs, the BTC price will be in a downtrend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. BTC/USD Short-term Trend: Ranging On the 1-hour chart, the BTC price is in a bullish trend zone. On May 7, the bulls tested the $6,280 resistance level on two occasions and were resisted. In the second attempt, the bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The crypto’s price fell to a low at $6,096.90. If the $6,100 price level holds, the crypto’s price will rise to retest the $6,300 resistance level.The MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. [/QUOTE]
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