Bitcoin Price Analysis May.4

This is from our previous Bitcoin price analysis: “breaking the $9,400 will probably lead a quick move to the $9,800 – $10K important level.”

As seen on the following BTC chart, marked in a white circle, is the area of the descending line breakout. What led a fast up move to the $9,800 resistance level (marked). As expected, it won’t be very easy and quick to breach through, so BTC is now consolidating at the area – getting ready to test the remarkable $10K resistance. The overall behavior is healthy, we might see a slight correction down – Stochastic RSI is at it’s high levels and had crossed down not a long ago, the $9,400 is now a very strong resistance-turned support level. From the bull side – breaking the $10K resistance area and the next important resistance levels are the $10,300 zone, $10,500 and $11,200.

BTC/USD BitFinex 4 Hours chart

Bitcoin May4

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Source: Crypto Potato