Bitcoin Price Analysis May.13

Over the past days, Bitcoin had failed to support on top the $9,000 level. From there, the drop was quick to the $8,400 area, breaking down the strong moving average 200 days line, with a low at $8,218 on BitFinex.

We now see BTC consolidating around the important $8,400 support level, soon to test the descending trend line marked in light blue. Trading volume is low, typical to weekends.

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From the bear side, loosing the 8,400 zone and we will probably see $7,800 – $8,000 and $7,300 afterwards.

From the bull side, breaking up the descending line could lead a re-test of the strong support-turned resistance level at $9,000. From the fundamental side, Consensus conference is soon to start in New York. Usually the crypto market and industry love the releases that are coming from there. The previous 3 conferences led nice to nice green candles (see the attached chart below).

BTC/USD BitFinex 4 Hours chart

Bitcoin May 13

Consensus Effect

consensus effect btc


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