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Bitcoin (BTC/USD) Finds Relief Around $7700; Watch $8800-$9000

Bitcoin found some support around $7700 mid-week and appears to be on a rebound as it drove above $8500 during the Friday (3/16) session.

Some are already calling this a price bottom. To me, the market still looks bearish in the medium-term while bullish in the very short-term (over the past couple of sessions). 

  • The 1H chart shows us that while price did indeed come off a bottom, there is still a lot of strong resistance around $8800-$9000
  • Falling trendline, broke support as resistance, the 100- and 200-hour simple moving averages, previous support pivots, are reasons we should monitor this area for resistance, especially if the RSI pushes above 70.
  • A break above $9000 might be needed to stabilize BTC/USD. 
  • Otherwise, if price holds under $9000 within a couple of sessions, the market will likely lose confidence and sell BTC/USD off back towards $8000, and the $7700 low, with the prospect of continuing the prevailing downtrend even lower. 
  • As noted in the previous update, BTC/USD now has the $6000 market in sight

Bitcoin (BTC/USD) Head and Shoulders is a Bearish Continuation Pattern

More Crypto Blood on the Street as Bitcoin Has $6000 in Sight