22-24 May Bitcoin price prediction – BTCUSD technical outlook


Bitcoin continues below $9000 amidst more bearish pressure. The following 22-24 May Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.

For a much longer time this month, Bitcoin has stayed between $9000 and $8000 making them resistance and support levels respectively. If price breaks above $9000, then a rally above $10000 is very likely, likewise a drop to $7000 or below should be expected if price breaks below the $8000 support. In as much as price stays below $9000, the bearish momentum could resume anytime soon that will drive prices lower.

In Elliott wave theory terms, we were expecting a 3-wave bullish correction at $8900-$9000 before the larger bearish correction resumes to $7000. At this point, our forecast is still valid but price might go in any of the direction – break above $9000 or drop below $8000. The chart below was used in the last update.

The last leg of wave (a) is near completion within a channel. A break above the channel could lead to wave (b) around $8900-$9200. If the rally is corrective, we could see price dropping to $7000 afterwards.

Price broke above the channel as expected and rallied to $8600 before dropping back to $8250 (current price). It could still continue upside as the rise and drop could be wave a-b and the wave c rally could complete the bullish correction to $8900 as expected. The chart below shows the new update.

22-24 May Bitcoin price prediction: what next?

I still maintain the original scenario. The current wave (b) rally looks shallower than expected (far from $8900). Unless price breaks below $7900, it still has a high chance of completing wave (b) at a higher level ($8900). If it otherwise drops below $7900 low, then I will adjust wave (b) lower and expect price to $7000 bearish target. The manner of the drop to $7000 (if it happens) would determine if the bullish move would resume back to $10000 or higher . Stay tuned for the next update.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

Don’t forget to share this analysis with people that matter to you.

    Share Your Opinion, Write a Comment