BTC/USD has run into headwinds the past couple of weeks after setting a record value of 64800.00 on the 14th of April. In the past week BTC/USD stumbled to lows of approximately 47000.00 in fast market conditions. Since testing the recent lower values, which were last experienced in the first week of March, BTC/USD has again climbed higher. Bitcoin is trading within the lower part of its strong bullish trend which has been accomplished the past six months.
So should BTC/USD traders be disappointed by the current price action and lack of all-time highs during the past two weeks? The simple answer is no, BTC/USD cannot achieve record highs all the time and speculators within the cryptocurrency must accept the notion that reversals lower remain part of its dynamic trading environment. BTC/USD has plenty of eyes on it and the scrutiny is quite possibly a good element for the cryptocurrency.
Technically BTC/USD finds itself within an important juncture. The current price of BTC/USD is within the center of its one month value range. Speculators may want to see prices sustain over key resistance levels which are within sight as the month of May gets ready to start. Remaining a speculative buyer of BTC/USD is the best choice for traders. Yes, BTC/USD has certainly shown a capacity for being able to reverse lower, but until the cryptocurrency breaks below its bullish range, the trend continues to suggest upwards momentum can be found.
Conservative traders may want to wait for pullbacks within BTC/USD, but its current price levels actually are intriguing as a place to activate buying positions. Traders need to use stop losses, but these values can clearly be selected from a host of recent levels below, which have technically been displayed the past week and a half of trading. Leverage is a big factor when trading BTC/USD and speculators need to choose the amount of money they are wagering carefully.
Instead of being disappointed with the results of BTC/USD the past week and half of trading, speculators may want to look at the current price ratio as an opportunity. BTC/USD has not been able to attain a new record high every week and this result may actually help speculators find the volatility they crave in the coming weeks.
BTC/USD Outlook for May:
Speculative price range for BTC/USD for May is 43200.00 to 66000.00.
BTC/USD which is traversing an important juncture presently has support near the 51000.00 level. If BTC/USD penetrates this mark the cryptocurrency could put in a test of lows demonstrated on the 23rd and 24th of April when it dipped to the 48000.00 ratio. If further weakness were to develop speculators could then believe the 45000.00 to 43000.00 junctures could come into play and be tested as support.
Having achieved a high of nearly 64800.00 in the middle of April was an accomplishment, but the reversal lower since then has proven tough. However, if the 55000.00 price can be touched and sustain values above, traders technically could start to target the 57000.00 resistance level. If this higher value which was last traded on the 19th April can be hit, it could set the table for buyers who believe bullish momentum can be reignited in full and that a test of the 60000.00 value is attainable.
The 61150.00 price has proven to be strong resistance in the past couple of weeks and if the mark can be punctured higher then speculators will set their sights on the 62000.00 and 64000.00 settings. If the value of BTC/USD can find sustained trading above the 60000.00 juncture for a durable amount of time, record highs will certainly be in the discussion again.
