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On the 29th of May, the Bitcoin price could be observed retracing towards the $9350 level on the charts. The cryptocurrency drew a downward graph for the day, while the trading pair varied within a day’s range of $9355.32 — $9428.52.
1-Day Bitcoin price analysis (29th May)
Bitcoin Price Chart by Trading View
Bitcoin stood at the $9600 level at the start of the 29th of May, while it gradually made its way down on the chart. By the end of the day, BTC had reached the $9350 level. At the time of writing, BTC traded at $9385.33 US Dollars.
Bitcoin: what’s next?
Yuriy_Bishko is a TradingView analyst who believes that Bitcoin will move towards the $10000 mark as its next long price target. The analyst also suggested that the nearby buy zone would be near the $9292 level.
BTC is well-supported near the $8500 mark, and the price appeared to be consolidating. As per the analyst’s idea, the cryptocurrency has fallen short towards the buy zone, and this may lead to an uptrend towards the $10000 resistance.
Bitcoin: $10000 as the next psychological resistance?
Trading-Guru is another TradingView analyst, who highlighted a parallel ascending for BTCUSD. The crypto analyst pointed out how the cryptocurrency king has moved within the ascending parallel channel with a bullish momentum, while the bears were left behind near $8800.
The momentum has been consistent and trending upwards, and the recent retracement for Bitcoin may give the BTC market and opportunity for a very bullish trading pair.
As per the analyst’s suggestion, the upcoming psychological resistance lies at $10000, and the idea seems to be in play. However, this play will only be confirmed if BTC follows an upward movement after the completion of the recent retracement.
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.
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Johnson Go
Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.
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