Bitcoin price turned back from the $9900 resistance as discussed by the TradingView analyst, TradingAlchemist. The crypto analyst suggested that the $9900 mark is very strong, hence the cryptocurrency will see to a price fall. Bitcoin still appears to hold the nearest support near $9600.
1-Day Bitcoin price analysis (19th May)
The cryptocurrency has been trading above the strong support at $9200 since the 14th of May. Bitcoin stood at the $9600 level at the beginning of the day, while it turned bullish after 08:00 GMT. The cryptocurrency tested the strong resistance at $9900, after which it returned towards the $9600 mark.
The Relative Strenght Index (RSI) moved across 80.00 on its scale near 08:00 GMT, which means that Bitcoin was overbought at that time. The RSI was observed between the 40.00 and 65.00 levels, while the cryptocurrency held the nearest support at $9600 for the rest of the day. At the time of writing, BTC stood at $9755.84 US Dollars.
Bitcoin: holds support near $9600
Since sharp price rises are accompanied by a fall, the crypto analyst suggested that Bitcoin would return from the strong resistance level at $9900.
The idea played out on the 15th of May, the cryptocurrency’s price line returned from the $9900 resistance, and it moved towards the nearest rising support line. At the time of writing, Bitcoin continues to hold the nearest support.
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.