[Bitop Market Review] Bitcoin Price Analysis on May 10, 2024
1. Price Trend:
Bitcoin’s price has widened its decline, breaking below the $62,000 and $61,200 levels, and even tested the support area around $60,600. Finally, it found support at $60,600 and began a recovery wave. With a low formed at $60,650, the price is currently consolidating losses. Breaking through the resistance at $61,200 and $62,000, the trading price is approaching $63,000 and the 100-hour simple moving average. Bears may remain active near the $63,200 resistance level. If Bitcoin breaks above $63,200 and the 100-hour simple moving average, it could gain bullish momentum.
2. Potential Upside Opportunities:
The immediate resistance for Bitcoin is near $63,000. The first major resistance may be around $63,200, followed by the key resistance at $64,350. A clear breakout above this resistance could push the price higher. The major resistance is currently at $65,500. If there’s a breakthrough above $65,500, the price could rise to $67,500.
3. Potential Downside Risks:
If Bitcoin fails to break above the $63,200 resistance level, the immediate support on the downside is near $62,400. The first major support is at $62,000. If this support is breached, the price may start declining towards $61,200, or even potentially fall to the support area around $60,600 in the short term.
4. Technical Indicators:
Hourly MACD — The MACD for BTC/USD is accelerating in the bullish zone, suggesting that the upward momentum in the market may be accelerating, which is a potential bullish signal.
Hourly RSI — The RSI for BTC/USD is currently above the 50 level, indicating relatively strong buying pressure.
Resistance levels:
First resistance: 63200
Second resistance: 64350
Support levels:
First support: 62000
Second support: 60600
Trading direction: Short
Entry position: 64400–64500
Stop loss: 65400
Take profit: 63000–62800
Trading direction: Long
Entry position: 62500–62400
Stop loss: 61600
Take profit: 64000–64200
Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.
#bitcoin #btc
