Bitcoin price dump came right at the start of the 10th of May, and now the cryptocurrency holds position above the $8700 mark.
The bullish trend line remains unbroken, which is why the TradingView analyst BillCharison believes that Bitcoin may test the $9500 level soon.
1-Day Bitcoin price analysis (10th May)
Bitcoin price chart by TradingView
While the Bitcoin price dump happened at the beginning of the 10th of May, the Relative Strength Index (RSI) exhibited a bearish divergence and the coin appeared as oversold.
On the full-featured chart, at the time the dump occurred, the RSI fell to a low of 2.73 on the hourly scale. The cryptocurrency kept the day’s trade between the $8400 and $8800 levels, while at the time of writing, it traded at $8761 US Dollars.
Bitcoin: retest at $9500?
Analyst Bill suggests that the cryptocurrency still held above the crucial support that lies near $8420. The bullish trendline remained unbroken, which is why Bitcoin’s priority still remains the same and it should test the $9500 mark next.
Bitcoin price chart by TradingView
Bill further supported his idea by explaining that some fuel was gathered due to the triggered stops. There was a giant gap above the price and that the monthly bullish absorption still appeared to be valid.
This idea is still to come into play as Bitcoin holds the $8420 level and continues to trade between the $8600 — $8800 range. The crypto analyst further suggested that the $9500 should be tested soon, otherwise the priority will turn bearish.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.
