Bitcoin Price Prediction for Today, May 3: BTC May Head Below $38,000 Support
The Bitcoin price prediction indicates sideways movement as further upside has been rejected after touching the daily high at $38,643.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is currently hovering at $38,208 as the king coin retreats below the 9-day and 21-day moving averages. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come to play.
Bitcoin Price Prediction: BTC Price May Slide to Regain the Upside
According to the daily chart, the Bitcoin price is heading to the south as the king coin remains below the 9-day and 21-day moving averages. Despite the drop suffered today, the Relative Strength Index (14) is yet to cross below 40-level. This could mean that there may still be a room that could be explored by the bulls as the Bitcoin price may reclaim back the resistance level of $39,000.
Looking at the upside, the daily chart reveals that the recovery may need to come slowly as the support will have to be sorted for above the moving average. Meanwhile, a sustainable move above this barrier could be located at $40,000, which may allow for an extended recovery towards the resistance levels at $42,000, $44,000, and $46,000. In the meantime, an increase in selling pressure could force the Bitcoin price towards the supports at $35,000, $33,000, and $31,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-hour chart, the Bitcoin price is seen trading below the 9-day and 21-day moving averages, the coin has just survived the $38,000 support as the market is trying to recover from the bearish momentum. However, BTC/USD is likely to return to the bull market if the price breaks above the upper boundary of the channel.
Meanwhile, higher resistance could be located at $40,000 and above, and as the technical indicator Relative Strength Index (14) moves to cross below the 40-level. On the other hand, if the bearish movement continues, the support level of $37,000 and below could be reached and the king coin may face the lower boundary of the channel.
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