I anticipated Bitcoin (BTC/USD) going to $9,300, but failure to push above $9,000 during the 3/24 session lead to capitulation and a retreat. Now, it is finding support around $8,400, which is around a triangle support.
BTC/USD 1H Chart
- The 1H chart shows bitcoin at triangle support.
- Let's see what happens if price pushes up to the $8700 area. If price fails to push above $8700, we might have further downside back to the $8400 area, then, if price breaks below, we can anticipate downside to the $8000-$8100 area.
- It will take a break above $9000 to open up any bullish outlook. Instead, the market should be assessed as bearish-neutral based on price action since the start of 2018.