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Bitcoin Price Prediction for Today, May 2: BTC Retraces Below $39,000

The Bitcoin value prediction signifies bearish momentum because the coin fails to cross above the 9-day and 21-day shifting averages.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key ranges:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $33,000, $31,000, $29,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

According to the each day chart, BTC/USD hovers at $38,428. However, the king coin has not been ready to reclaim the resistance degree of $40,000 because the coin consolidates beneath the 9-day and 21-day shifting averages. At the second the Bitcoin value could proceed to comply with the sideways motion, however the each day chart reveals that the formation of a bearish motion is doubtless to play out.

Bitcoin Price Prediction: BTC Price May Consolidates to the Downside

As the Bitcoin value stays beneath the 9-day and 21-day shifting averages, BTC/USD is doubtless to cross beneath the decrease boundary of the channel because the technical indicator Relative Strength Index (14) strikes in the identical route beneath the 50-level. This might imply that the King coin is not but prepared for the upside till the purple line of the 9-day shifting common crosses above the inexperienced line of the 21-day shifting common.

From above, restoration could not come straightforward because the bears could convey the king coin beneath the higher boundary of the channel. Meanwhile, a sustainable transfer above the 9-day and 21-day shifting averages could find the resistance degree of $40,000, which can permit for an prolonged restoration in the direction of the potential resistance ranges at $44,000, $46,000, and $48,000. However, a rise in promoting stress could convey the Bitcoin value in the direction of the helps at $33,000, $31,000, and $29,000.

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BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking on the 4-hour chart, the Bitcoin value is buying and selling inside the 9-day and 21-day shifting averages. BTC/USD could cross above 9-day MA because the market is attempting to get well from the bearish momentum. However, if the value breaks above the 9-day shifting common and crosses above the higher boundary of the channel, larger resistance can be situated at $39,000 however quite the opposite, the technical indicator Relative Strength Index (14) is seen going through the south.

BTCUSD – 4 Hour Chart

Moreover, if the bearish motion steps again, the assist degree of $38,000 might not be ready to maintain the promoting stress. Therefore, BTC/USD is doubtless to fall to $37,000 and beneath if the value strikes in the direction of the decrease boundary of the channel.

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