BTC/USD in Downward Correction as Bitcoin Fluctuates.

Bitcoin (BTC) Price Prediction – May 31, 2021

Bitcoin (BTC) price upward move faces rejection at the $38,000 high as Bitcoin fluctuates Yesterday, the bears tested the $34,000 support twice as bulls bought the dips. Buyers are also facing selling pressure at the $38,000 high. Bitcoin is falling from the recent high. The downtrend is expected to reach a low of $34,000. The selling pressure will resume if the bears break the support at $34,000.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

On May 31, Bitcoin survived the bearish onslaught of sellers. The bears tested the $34,000 support on three occasions but could not break it. The bulls bought the dips to resume an upward move. The uptrend was terminated at the $38,000 high. The selling pressure resumed as Bitcoin faces rejection at a $38,000 high. Bitcoin downtrend is expected to reach the low of $34,000 and resume upward. However, if the bears break the support at $34,000, Bitcoin will decline to $30,000 low. However, if buyers fail to defend the $30,000 support, Bitcoin will fall to an incredible low at $20,000.

Bitcoin (BTC) Price Indicator- Bitcoin Fluctuates

Bitcoin price is below the 21-day and 50-day SMAs which suggests that Bitcoin is capable of falling in the bearish trend zone. The moving averages are sloping southward indicating the downtrend. Bitcoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Bitcoin has earlier fallen into the oversold region of the market. Today, the BTC price is above the 25% range of the daily stochastic. It indicates that the king coin is a bullish momentum.

BTC/USD -4 Hour Chart

Meanwhile, Bitcoin is hovering above the $34,000 support as there are bullish signals above the current support. The king coin’s upward move has been terminated at the $38,000 high. Nonetheless, on May 31 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 2.0 Fibonacci
extension or level $41,514.60 .

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Author: wally