Bitcoin price prediction 16 May 2015; may break $8233

If Bitcoin is able to withstand the demand level of seven thousand eight hundred and twelve dollars ($7,812) the increased market momentum is expected to continue for a longer time till bitcoin is able to hit the price mark of eight thousand two hundred and thirty-three dollars ($8,233 ).

Bitcoin is going through a great time in the crypto space. Its ongoing upwards trend is expected to take it to new heights.

If this does not happen then a continued consolidation period is expected. Bitcoin is currently standing at resistance levels between the range of eight thousand two hundred and thirty-three dollars ($8,233 ) and nine thousand two hundred and sixty-five dollars ($9,265).

Similarly, the support levels are bordering near the range of seven thousand eight hundred and twelve dollars ( $7,812) and six thousand eight hundred and sixty-nine dollars ($6,869).

Bitcoin price prediction 16 May 2015; may break $8233 2Bitcoin BTC price chart created with Trading View

Bitcoin and the US dollar pair bullish as far as the medium-term outlook goes. Because of the increased market momentum, Bitcoin was able to hit the eight thousand two hundred and thirty-three dollars ($8,233 ) price mark.

Any more increase than this was resisted at this price mark and the asset almost hit the demand level of seven thousand eight hundred and twelve dollars ($7,812 ). Today’s 4-Hour chart was indicating an ongoing increase in market momentum.

Bitcoin price prediction 16 May 2015; may break $8233 3Bitcoin BTC price chart created with Trading View

Bitcoin’s consolidating period seems to start at seven thousand eight hundred and twelve dollars ($7,812 ). Bitcoin trading near the twenty-one and fifty exponential moving average. The gap is so that the increased momentum is equally managed.

In the bitcoin market, the bullish rally and this made bitcoin break the seven thousand four hundred and forty dollars ( $7,440 ) mark.

Bitcoin has hit the eight thousand two hundred and thirty-three dollars ($8,233 ) price mark. Previously Bitcoin’s price was held stable at the fifty exponential moving average.