BTCUSD – Weekly outlook for Bitcoin Price – May 20 2020

BTCUSD Outlook & Technical Analysis for Bitcoin

Introduction

The Covid-19 pandemic effect is easing out gradually as different economic policies have been put in places by different governments to help their citizens and to revive the economy from going into any form of recession.

Let us look the way bitcoin price has moved before and after halving, also how the Bitcoin brokers have reacted.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Outlook - Monthly Chart - May 20

Monthly Resistance Levels:  19666.00, 13880.00, 12325.00

Monthly Support Levels:  1830, 2980.00, 3122.28, 4265.00

The BTCUSD found support at the previous support level of 01 December 2018 (4265.00) after the earlier bearish trend.

The bitcoin has been in an uptrend and at a strong resistance zone of 01 August 2019 at 12325.00

Weekly Chart

BTCUSD Outlook - Weekly Chart - May 20

Weekly Resistance Levels: 13880.00, 10500.50, 9312.00,

Weekly Support Levels:  3322.19, 3657.89

A bullish divergence from the support level of 3657.89 supported the swing to taking bitcoin price high. A close above resistance will expose the 13880.00 level.

The BTCUSD price is held at the resistance level of 10500.50 after weeks of an upward trend. If the resistance should hold you may see a drop in price and bitcoin brokers are watching it.

Daily Chart

BTCUSD Outlook - Daily Chart - May 20

Daily Resistance Levels:   10495.00, 10247.35

Daily Support Levels:    3850.00, 5670.00, 6472.67, 9182.97

The BTCUSD upward trend which rallied up is at the level of resistance between 10495.00 and 10247.35 which took bitcoin price low. 

Singapore brokers are interested at the current level because rejection in price at these levels would reverse the price of bitcoin down.

H4 Chart

H4 Resistance Levels:  10027.88, 9803.41

H4 Support Levels:   8174.60, 8821.83

Here we can see that the Resistance Zone of 08 May 2020 (10027.88 and 9803.41) has tested twice by price and it is rejecting the price at that level.

A breakout of the range will be advisable for Singapore brokers, either above the resistance level or support level (8174.60 and 8821.83)

Bullish Scenario:

For some days the BTCUSD has been in an uptrend, and for the trend to continue it must take out the resistance level for more investors to buy bitcoin.

The lingering COVID-19 pandemic still creates FUD among traders and investors. However, if the weekly chart maintains a consecutive bullish closing Heiken-Ashi candlesticks, we may see an increase beyond the $10k round-number resistance.

Bearish Scenario:

The resistance zone is a psychological level for Singapore brokers.  A strong rejection of price will shift their bias to a further fall of bitcoin.

Bitcoin BTC News Events 

The Halving event for bitcoin has taken place, and the fear of halving is slowly dying down after the volatility of bitcoin pre-halving and post halving. Bitcoin brokers are waiting for strong fundamental news that will move the market.

Bitcoin is the topped rank cryptocurrency in the market, and it is set for a continuation of the bullish trend if its price can close over the $10000 mark.

However, the biggest question that the Singapore brokers are asking is: will bitcoin break out of its channel?

Anything can happen in the market because of uncertainty. If the price of bitcoin fails to surge higher in the coming days ahead, we may see the support levels taking out, which would not be suitable for the top-ranked cryptocurrency.

Now that halving is over, there will be more adjustments to the downside for investors since the mining is currently not profitable when the hash rates are rising it is expected that price will also follow, hopefully, we expect bitcoin to follow.

Useful information for bitcoin brokers is the key metric used to assess the future of bitcoin is the mining difficulty, which is reducing and set to be declined by over 2% in the coming week.

Conclusion and Projection

The price of bitcoin is consolidating below the $10,000 level at the resistance zone. The Singapore brokers are observing this psychological zone to find a clear direction for the market.

Bitcoin brokers will have to wait for the price to break out from its range; currently, we can see a decrease in bitcoin volatility.

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