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18.05.202114:59 Forex Analysis & Reviews: Bitcoin forecast for 18 May, 2021

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BTC retests support at $43,000 overnight.
Resistance at $45,000 still holds.
Next resistance at $47,000.

Today's Bitcoin price is bullish as the market continues respecting support at around $43,000. Therefore, unless further downside is set, we expect BTC/USD to move higher over the next 24 hours.

The overall market still retraces after setting a new all-time high of around $65,000 in the middle of April. Since then, two strong bearish waves were seen, with the first one resulting in a loss of over 25 percent. From there, BTC/USD moved towards the $59,000 resistance and set a major lower low. Over the past days, another push to the downside was seen and resulted in another 30 push lower.

However, for now, the market price action is still bearish. Support around $43,000 has been retested, indicating that bears are unable to push the market any lower. This should lead towards a move higher over the next 24 hours, with the closest resistance target at $47,000.

From there the market will likely set a higher low, from which bulls will build momentum to push towards new all-time highs.Alternatively, if the $43,000 support does not hold, we should see further downside to the $41,000 mark. If this level is reached, the overall, several-week Bitcoin price action structure would look increasingly bearish.

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