Source: Wit Olszweski – Shutterstock
- After yesterday’s crash of Bitcoin from $9,700 to $8,800, Bitcoin was able to fight its way back to $9,300.
- Analysts expect a further correction to $8,000, but the current Bitcoin price chart shows bullish signs.
- The Altcoin market around Litecoin, Monero and Tezos follows the development of Bitcoin.
Bitcoin has fallen from $9,800 to $8,800 in the last few days after a strong rally after the halving. Within the last 24 hours, however, Bitcoin has been able to find new buyers, allowing the Bitcoin price to recover to $9,300. The market capitalization rose from $165 billion to almost $169 billion.
Bitcoin Trader Josh Rager describes that Bitcoin must rise above the $9,160 mark, otherwise another correction to $8,000 may be imminent. There is a strong support along the $8,500 mark, which Bitcoin could fall to if there is a further downward movement. Should Bitcoin continue to rise, the next strong resistance can be found at the $9,500 mark. Should Bitcoin break through this level, a new low high can be drawn.
Daily closed under $9160 – and now if price is unable to close back about that price range, could look to move down to mid $8ks
Watching $8500s (VAL) for support bounce and $9500s (VAH) for rejection if price runs up
Until BTC closes above $10k, this is just a lower-high pic.twitter.com/KYd06dYqN4
— Josh Rager 📈 (@Josh_Rager) May 22, 2020
Crypto-Trader and Analysis HornHairs describes that he is currently cautious in Bitcoin trading, as BTC has still not taken a clear direction. Should Bitcoin manage to close above the last candle on the daily chart, the Bitcoin price could start a further upward trend. He advises his followers to be cautious, as volatility is still very high.
Had a few ?s regarding last post on market structure.
When bulls are unable to make a new leg up & bears close a candle below any previous swing low I consider that a BMS.
Add context of +170% move up into HTF resistance with recent high taken and I simply take caution. pic.twitter.com/ftmUH4HB67
— HornHairs 🌊 (@CryptoHornHairs) May 22, 2020
Big Chonis Trading is curious how Bitcoin will develop in the next few days. The stock market is closed today, Sunday and Monday in the United States of America, so Bitcoin can show a detached movement from the stock market. Since the Chicago Mercantile Exchange is also closed, a “gap” could open again, which could be closed within the next week.
— Big Chonis Trading😷 (@BigChonis) May 23, 2020
The anonymous crypto-trader Teddy is surprised that Bitcoin has not fallen further towards the $8,000 mark, as the developments of the last few days suggested a bearish scenario. He describes on Twitter that Bitcoin has miraculously closed above the $9,150 mark. However, he urges caution that a major correction could follow.