- Possible resistance at $9821.3 – $10015.8
- Currently In uptrend in hourly & daily chart
- This week’s highest: $9,906.03
- This weeks lowest: $8,896.27
- Last 1 months highest: $9,996.74
- Last 1 months lowest: $6,834.44
There is some resistance at $9821.3, even if this resistance gets through, next high resistance sits at $9928.2 & $10015.8. So there is a higher chance of the graph going down.
If the $9,821 resistance is crossed, this week’s highest $9,906.03 will be the next big resistance where the graph sometimes turns. Thus it is most likely to fall after testing that level.
1 month’s highest $9,996.74 is the most tough resistance to get through at the moment, crossing which is quite hard as mentioned in BTCUSD’s 19th May Analysis. But if a graph is in uptrend and very near to hard resistance it can cross it and then grow to next final target levels of $10348.9.
Newsherder’s BTCUSD Daily Price & Forecast of May 20, 2020 reveals there may be an attempt to cross the tough resistance level near the area of 9996.74, however the chance of this resistance getting through is low but it is still more than yesterday as the cryptocurrency has maintained above its support levels. If the next tough resistance of $9,996 gets through, BTC is expected to test $10,348.9 levels, but if there is another failed attempt, BTC is expected to go down to support levels around $9,298 level.
1. Starting Friday, This Bitcoin Documentary Will Be Streaming on Amazon Prime:
According to p2p exchange Paxful & Localbitcoins, demand for bitcoin is still surging across Africa despite the borderless economic crisis. The documentary, which goes by the name, “Banking on Africa: The Bitcoin Revolution”, is another reason to believe Bitcoin is changing Africa.
2. Visa’s Bullish Statements & Actions Towards Bitcoin & Blockchain:
On May 14th, Visa’s Chairman & CEO Alfred Kelly spoke about his position on the leading cryptocurrency, Bitcoin and how he thinks this industry will evolve. On the same day, USPTO reveals Visa applied for Digital Dollar Blockchain Patent
3. BTC As a Heaven Against Inflation
Many are looking up to Bitcoin as an inflationary hedge or a protection against inflation as inflationary monetary economics and liquidity traps come into light with 0% interest rates or even negative interest rates.