Bitcoin price analysis 23 May 2019; bulls will rule again

Bitcoin price analysis 23 May 2019; bulls will rule again

The crypto-market is recovering from its past bearish trends and is estimated to be pulled back by fourteen-billion dollars ($14bn), but nothing can be said for sure about the stability of this as it is constantly fluctuating.

The daily price chart analysis of bitcoin has revealed that the coin has maintained the support of seven thousand and six hundred dollars ($7,600).

Bitcoin price analysis 23 May 2019; bulls will rule again 1Bitcoin BTC price chart by Trading View

If the market provides a favourable situation, and the surging trends continue, the price will increase more, and the expected resistance level of eight thousand two hundred dollars ($8,200) can be achieved. The trading volume is increasing day by day, as evident from tweets.

The technical indicators are showing different results; the MCAD indicates high selling pressure and is currently not showing any surging market trends with a divergence of 12 and 26 MAs.

The RSI shows a slight deviation from normal price actions. Right now, the most crucial parameter is the maintenance of hold because if the hold of $7,600 broke down, it would fall below to seven thousand dollars ($7,000).

Bitcoin price analysis 23 May 2019; bulls will rule again 2Bitcoin BTC price chart by Trading View

If the analysis of the 30-minute chart is closely done, there are some signs of surging market trends and recovery chances.

The technical indicators like RSI show positive momentum and bullish deviation from current price. The MCAD shows higher buying volume signs and bullish trends.

However, the important parameter is crossing of current resistance level because that can pressurize the BTC buyers and hamper the breakout in the prices.

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