BTC/USD Price analysis for the first half of May 2015

The morning’s correction

At around 10:30 AM the BTC/USD pair started to sell quite rapidly from 246.440 USD per Bitcoin, correcting the previous days bullish movement. It was of course expected because the market had reached the overbought condition almost at the same time.

Bullish expectations

9 May 2015 BTC USD Price Analysis Prediction Movement Pivot PointThe support level of 238.416 USD per Bitcoin seems to be holding nicely right now, but there is still some room to move a little lower. The trading volume has started to decline already indicating that a lot of the traders are already closing their SHORT positions, perhaps getting ready to go LONG once again.

Targets to aim for

If the support level of 238.416 holds then we can expect the price to move upwards to at least around the 241 USD per Bitcoin area. I wouldn’t bet on the 247.440 resistance just yet because the Bollinger Bands indicator is showing a slight downward direction at this time.


Thanks for reading and please use the Pivot Point Calculator I made to get your support and resistance levels easily!

Author: ynef

29 year old freelance writer and web developer. A technophile who appreciates and respects mother nature in all of its glory. Favorite skills in Runescape include Farming, Herblore and Magic.


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