Bitcoin price sees rollback to $9350

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)

Bitcoin Price Chart by TradingView

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.

Bitcoin Price Chart by TradingView

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.