• The recent surge in volatility has made the BTC price to reach the $8,000 price level.
  • More buyers were at the 0.618 retracement level as the volatility increased to the continuation zone of the 0.236 and 0.382 Fibonacci retracement level.

BTC/USD Medium-term Trend: Bullish

  • Resistance Levels: $7,750, $8,000, $8,250
  • Support levels: $7,500, $7,250, $7, 000

Yesterday, May 13, the price of Bitcoin was in a bullish trend zone. The 12-day EMA and the 26-day EMA were trending northward. Buyers were trading above the EMAs. The recent surge in volatility has made the BTC price to reach the $8,000 price level. On May 12, the bulls were resisted at the $7,448 price level. Then there was price retracement to the 12-day EMA. Meanwhile, the price action continues to follow the bullish pattern. Nevertheless, from the Fibonacci retracement level, the crypto’s price fell to the 0.618 (61.8%) retracement level.

The 0.618 (61.8%) retracement level is a critical support level where traders initiate long trades. More buyers were at the 0.618 retracement level as the volatility increased to the continuation zone of 0.236 and 0.382 Fibonacci retracement level. Meanwhile, the MACD line and the signal line have reached the 3.0 level which indicates strong buying power. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend zone. Yesterday, the BTC price reached a high of $8,000 but was facing resistance from the bears. The price retraced to the 12-day EMA and commenced a bullish movement. On the upside, if the price is sustained above the EMAs the bulls are likely to rise above the $8,000 resistance level. On the downside, if the bears break below the EMAs, the price of Bitcoin is likely to fall.

Live Bitcoin (BTC) Price:

1 BTC/USD =$8,244.0143 change ~ 17.54%

Coin Market Cap

$145.91 Billion

24 Hour Volume

$11.71 Billion

24 Hour VWAP

$7.77 K

24 Hour Change

$1,446.1934

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Original Article

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