BTC Price Analysis for May 25th: Recovery Ahead
The price of Bitcoin fell during the weekend, reaching -50% of the recently established ATH. What awaits cryptocurrency in the near future?
Judging by the schedule of the cryptocurrency, its value is ready to go up. On Monday, the coin consolidated after Sunday's sale. To form the right shoulder of the "Head and Shoulders" pattern, you need Bitcoin to bounce back to 42,000 dollars.
Despite the positive developments, the situation is unstable. Strong pressure from sellers in this price area will lead to a sell-off. And BTC can get up to $14,000.
Analysts are of the opinion that the value of cryptocurrency will still go up. Now the coin is in the area of strong support. On Sunday, after falling to $29,936, there was a 40% rebound.
BTC/USDT one-day chart
The graph forms a model of trend reversal. The head is in the bearish zone. Neck line achieved minimum. The model's emerging right shoulder can indicate a price increase of up to $42,000.
If there is a neck line breakdown, strong sales are possible. The price of cryptocurrency will fall by 53% and reach 13, 891 dollars. If there is a rebound to $42,000, and the day closes above 43 thousand dollars, the bearish trend will exhaust itself. The next step will be $45,000 testing.
The current price of cryptocurrency can be found on the Huobi exchange. It is the world's largest crypto exchange with profitable trading offers and low commissions.
This review is not an advertisement or a recommendation to action, but merely an informational one. The publisher and the author are not responsible for your decisions.