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Bitcoin price analysis

Bitcoin price analysis

Bitcoin attempted to hold bounce off the 20-day EMA on May 09 but could not find buying support at higher levels. On May 10, it broke below both the 20-day EMA and the small trendline support. Our stop loss at $8,900 was hit today as the cryptocurrency plunged to a low of $8539.62.


On the downside, the 50-day SMA at $8423 is a strong support, below which the fall can stretch to $7,900. If this level also breaks, the BTC/USD pair can sink to $7,000 levels once again.

If the 50-day SMA holds, the digital currency will attempt to move up, but it might face resistance at the 20-day EMA.

The flattening of the moving averages points to the formation of a range. The supports and resistances of the probable range have still not established. Hence, we are not recommending any trade today.


Editor-in-Chief @Coindaily_co and Bitcoin enthusiast

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