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Bitcoin (BTC/USD) Finally Finds Some Reprieve at $6000

We recently saw Bitcoin rebounded from $7600 to almost $9600. However, we noticed that this looked like an abc correction, with price respecting a previous resistance. These were signs that Bitcoin was still bearish despite a bounce. 

BTC/USD

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  • Note that the abc correction earlier stopped at a previous support as well as the 100-hour simple moving average.
  • A bearish swing followed and price dipped to $6,000 before finding some meaningful support.
  • Price is now back above $7000 at the start of the US trading session.
  • Previously acting as support, the area around $8000 will now challenge price action as resistance. 
  • Also, the RSI will be around 60, and if the market is still bearish in the 1H chart, the 1H RSI should not push above 60 except very briefly.
  • This means, if price pushes above 8150 and the RSI pushes above 60, even 70, we can start calling this $6000 as critical support. We might even rely on this as support the next time price approaches.
  • But if price does not push above 8150 and the RSI holds mostly under 60, BTC/USD would maintain bearish momentum. In this scenario, I would have less confidence in the 6000 mark holding.

 

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