Bitcoin price fell to $9500 on the 20th of May. Lingrid, the TradingView analyst, had suggested that BTC will see a rollback towards the nearest support above the $9350 mark. The cryptocurrency had been trading near the $9800 level before the Relative Strength Index (RSI) encountered a bearish convergence on the hourly time frame.
1-Day Bitcoin price analysis (20th May)
As the day began, the cryptocurrency stood above the $9750 mark. Bitcoin traded within the $9700 — $9800 price range until 15:00 GMT, after which the Relative Strength Index (RSI) fell to a day’s low of 7.08. This shows that the cryptocurrency was oversold at the time the trading pair fell towards the $9350 mark. Here, BTCUSD approached a day’s low of $9339.81 US Dollars.
The cryptocurrency held this support until the end of the day and the RSI moved back between the 35.00 — 60.00 range. The Bitcoin / US Dollar trading pair was observed at $9531.51 at the time of writing.
Bitcoin: short towards $9300
Bitcoin was trading above the rising support line as the crypto analyst stated that they expect the coin to see a rollback towards the rollback.
About 17 hours after the idea was posted, the idea played and Bitcoin completed its rollback towards the support lying above the $9350 level. The overall scenario for the cryptocurrency still appears to be bullish.
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.