Now that the much-anticipated halving event is over, what is next for BTCUSD?
On the daily time frame, we can see that bitcoin price bounced off support at the rising trend line (from connecting the lows of March 13 and April 21) perfectly. If there are enough buyers in the market, BTCUSD could rally all the way up to its May 7 highs at $10,074.00. A break of this price level could even mean that the cryptocurrency may soon trade at its February 13 highs at $10,383.00.
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What happens if there is not enough bullish momentum?
The hourly time frame suggests that we could see BTCUSD could pull back some of its gains at $9,129.50. This price offers a confluence of support with: the 50% Fib level (drawing the Fibonacci retracement tool from the low of May 13 to its intra-day swing high), 200 SMA, and a shorter-term rising trend line (from connecting the lows of May 11 and May 13). If support at this price level does not hold, we could see bitcoin price once again re-test its longer-term trend line on the daily time frame. Should this happen, the next support level for BTCUSD is around $8,500.00.
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