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Bitcoin Price Prediction: Long-term (BTC) Value Forecast – May 18

Supply Chain Managers Fall Out Of Love with Blockchain Technology Awaiting Proven Uses of Value
  • From the Fibonacci tool, the downward correction was made to the support of the 0.382 retracement level.
  • The implication is that the 0.382 retracement level is likely to hold, and the crypto’s price will rise to revisit the previous highs $8,000 and $8,500.

BTC/USD Long-term Trend: Bullish

  • Resistance levels: $7,000, $7,500, $8,000
  • Support levels: $6,500, $6,000, $5,500

From April 2, the bullish surge in volatility propels the BTC price to reach the $8,300 price level. The BTC/USD pair was in a smooth uptrend. On May 16, the bulls tested the $8,500 resistance level and were resisted. The  market was in a downward trend as the price fell to the support of the 12-day EMA. From the Fibonacci tool, the downward correction was made to the support of the 0.382 (38.2%) retracement level. The implication is that the 0.382 retracement level is likely to hold, and the crypto’s price will rise to revisit the previous highs $8,000 and $8,500.

The 0.236 and 0.382 Fib. retracement levels were regarded as price continuation zone. On the other hand, the levels  were broken the crypto’s price would resume a downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Bitcoin Market Price Chart in RealTime

Source: BEG

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