Bitcoin (BTC/USD) found support around $8300 this week, and has been on a recovery swing the past couple of sessions. In the short-term, Bitcoin is showing bullish price action, which could take the cryptocurrency to the $9300 area, where it will be testing some resistance.
BTC/USD 1H Chart
- The 1H chart shows that during the 3/24 session, price retreated from $9000.
- However after testing the $8700 area, which was a key support/resistance pivot, price rebounded. This respect of the pivot and 50-hour simple moving average reflects bullish nature of the market in the short-term.
- Therefore, I think BTC/USD will be able to push above this week's resistance around 9150.
- What I would watch for is price action as it comes up to the $9300-$9500 area.
- The 4H chart below shows that it was a previous support area. If the RSI in the 4H chart also climbs above 70, we should expect some resistance if price is also in the $9300-$9500 area.