BTC/USDT Price Prediction, May 14th 2018

patrik.malinsky(53)

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BTC/USDT

Prediction of the bitcoin price movement is probably the most valuable thing in the whole crypto market. As we have seen in the last month the bulls are back. Bitcoin has almost reached 10.000$ last week and now it has a little correction. This correction was of course expected. It is healthy for the price to correct after a fast up move like we have seen in the last month where bitcoin went up more than 40%. That is a relatively fast grow for something that big like bitcoin. Another good news is that the market cycle is now completed and we can get straight into another. I believe this the key time for bitcoin to decide wether it will have another bull run, or if it will keep going sideways. In the chart below we can see a bullish scenario for bitcoin and how it will most likely behave in the upcoming days. I charted bitcoin all the way up to its all time high because I strongly believe it will be exactly as it is charted in the picture below.

Bitcoin is now testing a support at 8.300$. That is the white coloured line pointing towards the ATH. We can consider this line as a "strong" or a "key" support because bitcoin touched this line more than 3 times and held perfectly above it. The first resistance for bitcoin to hit is around 9.620$ (the 23.6% fib. level). I coloured all resistances purple so that you can see it clearly. If we will pass through we might see bitcoin going up to even 12.000$. We can say that this level is a new major resistance for bitcoin so I expect a little correction after hitting this target. It will probably retrace to somewhere near the 23.6% fib. level which will be a new support line and then we will continue with the up-trend.

Nike curve on BTC

The second picture shows us almost the same supports and resistances but instead it is charted in a curve. If bitcoin won't break down this support it could rise up to even 30.000$ which is 255% more than bitcoin is now. This level is also a 161.8% fib. level so it will be another "key" point for bitcoin.