Bitcoin Price Analysis May 15th: Resistance at $8.1K-$8.5K, then onto $9K?

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The price of Bitcoin has been on a tear lately, only recenly breaking above $8,000. Can the price stay here? And if so, will we be able to push upward to $9,000? Let's have a look.
Bitcoin Price Analysis May 15th: Resistance at $8.1K-$8.5K, then onto $9K?
Highlights:
- Just recently broke $8K, but have been struggling to hold it.
- Ascending channel forming with 50Hr MA providing support.
- Looks like a resistance range exists between $8,100 and $8,500.
- We need to push above this resistance, but may get rejected down to about $7,800 again before we do.
Starting at the 1 hour, we can see that Bitcoin recently took a dip down close to $7,600, but the bottom of the ascending channel, supported by the 50 Hr Moving Average, held nicely. There is also a small amount of historical support forming at about $7,800, which should help if we dip again. Now the price is testing back above $8,000 but struggling at the resistance forming on $8,100.
BTC/USD Chart provided by Tradingview
When we zoom out to the daily, we can see the levels of resistance that Bitcoin is up against. Between $8,100 and $8,500 things are a bit muddled, so we can expect the price may struggle to climb through these levels. If it can, there is notably less blocking the way until we hit psychological resistance at $9,000.
BTC/USD Chart provided by Tradingview
Bull Scenario: Bitcoin retests $8,100 and uses it as support to climb up to $8,500. If we're lucky and sentiment is strong, we may break that too and carry on to $9K.
Bear Scenario: We get rejected off of $8,100 and bounce back down to the bottom of the channel, around $7,800. This level is likely to hold, but it could be the beginning of a more sideways movement in price action, if only for a little while.
Currently it is looking like the feeling is too positive for a significant correction, but if prices begin to go sideways it could suck some of the momentum out of the current bull run. The price has risen fast enough that a correction is eventually likely, but it is unclear if we will see it here at $8K or later when we reach $9K or even $10K. For now keep your fingers crossed and maybe buy the dips!



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About Chaudhry
i am working as internet marketing /crypto trading and online business since 2007. always happy with my business.thanks Allah