Bitcoin (BTC/USD) Market Resumes Its Bullish Trend
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Bitcoin Price Prediction – May 16
BTC/USD market resumes its bullish trend after a tap into the FVG (Fair Value Gap) in the discount zone. This resumption was confirmed by the upward CHoCH (Change of Character).
The upward CHoCH (Change of Character) happened on May 6, 2024. This was followed by a retracement into the bullish order block. According to the SMA (Simple Moving Average), the price is now heading upward as it retracted from the bullish order block. The MACD (Moving Average Convergence Divergence) also indicates that the bulls have returned to the market.
BTCUSD Market Key Levels:
Resistance levels: $67273.00, $73836.00, $80000.00
Support levels: $50577.00, $43873.00, $38501.00
BTC/USD – Daily Chart
The BTC/USD daily chart showcases that the market has resumed its upward trend.
The market’s upward trajectory may be linked to the February 2024 BoS (Break of Structure) at $49102.00. With only small retracements, the rise persisted until the price encountered resistance at $73835.00.
The $73835.00 resistance was reached, and a significant pullback started right after. The Moving Average, however, indicates that the bullish trend has continued.
At what price level is the BTCUSD market likely to experience another major retracement?
The previous major retracement ended after the FVG (Fair Value Gap) in the discount zone was filled. The price rallied upward, invalidating the diagonal resistance.
A BOS (Break of Structure) just occurred as the high formed during the CHoCH was invalidated. A minor retracement into the bullish order block at the discount zone is likely to cause the price to rally continuously until the $73836.00 resistance is reached.
BTC/USD – Four-Hour Chart
On the four-hour chart, the market is also bullish. Recently, the price invalidated a double top, sweeping through the liquidity above the price level.
Owing to the four-hour bearish order block in the premium zone, a notable decline is imminent. BTCUSD is likely to decline into the bullish order block in the discount zone, after which the bullish trend will resume.
Bitcoin (BTC) Current Statistics
The current price: $65971.70
Market Capitalization: $1,310,000,000,000
Trading Volume:$41,190,000,000
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