Demand Pressure at Key Support Hints Bitcoin Price to Rise 7% in Coming Week; Enter Now?
Amid the increasing supply pressure in the market, the Bitcoin price showed a decisive breakdown attempt from the monthly support of $27000-$26786 on May 12th. However, by the end of the day, the buyers undermined nearly the entire selling pressure and pushed the prices up with a long tail formation. This rejection candle indicates the buyers continue to defend this support which encourages a potential bullish reversal.
- A resistance trendline governs the current correction phase in the Bitcoin price
- A breakdown below $27000 will increase the selling pressure and tumble the coin by 7%
- The intraday trading volume in Bitcoin is $9.75 Billion, indicating a 49.5% gain.
By the press time, the Bitcoin price traded at $26874 with an intraday loss of 0.12%. However, the lower price rejection candle displayed in the daily chart reflects the buyers’ continued to accumulate at this support.
This reversal sign indicates the BTC price may rebound from this support and surge nearly 7% higher to hit the combined resistance of $28700 and downsloping trendline. This resistance trendline has been carrying the ongoing correction in his coin assisting sellers to have an upper hand against buyers.
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Thus, the ongoing correction in Bitcoin price will continue until the overhead resistance is intact.
Therefore, a potential breakout from this trendline will signal an early sign of uptrend resumption which may assist buyers to rechallenge the $31000 peak
Exponential Moving Average: Along with the $27000 support, the 100-day EMA slope offers additional footing to the BTC price
Directional Movement Index: The DI+ slope moving below the DI- slope projects a bearish trend in BTC price. Moreover, the ADX slope at 25% reflects the selling momentum has enough srw=eam
Bitcoin Price Intraday Levels
- Spot rate: $26897
- Trend: Sideways
- Volatility: Medium
- Resistance levels- $28700 and $30000
- Support levels- $27868 and $25000