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Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – May 16

  • The crypto’s price is above the 0.236 and 0.382 Fibonacci retracement levels which indicate that price is likely to rise.
  • On the upside, if the bulls break the $8,260 resistance level, the market is likely to reach the $8,500 price level.

BTC/USD Medium-term Trend: Bullish

  • Resistance Levels: $8,250, $8,500, $8,250
  • Support levels: $8,000, $7,750, $7, 500

Yesterday, May 15, the price of Bitcoin was in a bullish trend zone. The market has reached its previous high after a slight retracement from the previous day. The coin was hovering around the $8,260 price level but has fallen again to the support of the 0.236 Fib. retracement level. The crypto’s price is above the 0.236 and 0.382 Fibonacci retracement levels which indicate that price is likely to rise.

On the upside, if the bulls break the $8,260 resistance level, the market is likely to reach the $8,500 price level. However, if the bulls fail to break the $8,250 resistance level, the price will fall back to the continuation zone of the Fibonacci retracement level. Nevertheless, the BTC positive move had been reflected in the daily MACD line and signal line which is above the 300 line which indicates strong buying power.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bearish trend zone. On May 14, the bulls were resisted at the $8,260 price level. The price fell and began to trade above the 12-day EMA and the 26-day EMA. Today, the market has reached the $8,300 resistance level but the price is being resisted. The BTC surge in volatility will continue after a slight retracement. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

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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