Bitcoin price analysis 29 May 2019; BTC may see correction towards $8k

The bearish candle is trying to pull the Bitcoin price down to eight thousand two hundred dollars ($8,200) and if this level was not maintained it can fall down to even lower level.

BTC/USD medium-term trend is bearish. The resistance levels are spotted in the range above eight thousand dollars ($8,608, $9007, $9,480) and the support zones are above seven thousand dollar range ($8,233, $7,812, $7,476).

Bitcoin price analysis 29 May 2019; BTC may see correction towards $8k 1
Bitcoin BTC price chart by Trading View

On May 26 there was an abrupt surge in the price of Bitcoin that allowed the coin to consolidate within the zone between eight thousand six hundred and eight dollars ($8,608) and slightly above nine thousand dollars ($9,007).

The opening market was bearish and the bearish trend continues as the 4-hour chart revealed. The technical indicator shows different results.

RSI indicator points out to strong sell signal. The price is striving to break down 21 periods EMA. The bearish candles are forcing the price to decline to eight thousand and two hundred dollars ($8,200) as already mentioned.

Bitcoin price analysis 29 May 2019; BTC may see correction towards $8k 2
Bitcoin BTC price chart by Trading View

The short-term price analysis also revealed a bearish pattern for Bitcoin price. The price declined towards the anticipated level below the current price of eight thousand and six hundred dollars ($8683) at the time of publishing.

It seems like the bearish trend has surpassed the bullish trend and the pattern will prevail. On 1- hour chart it was revealed that the price drops down and is currently trading below 21 periods EMA and 50 periods EMA. The technical indicator RSI points towards buying signal and RSI period 14 is declined to 30 levels.

Bitcoin price analysis 29 May 2019; BTC may see correction towards kJoin eToro and get $50 cash to start trading!

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