We recently saw Bitcoin (BTC/USD) stall at a triangle support. We noted that if the rally fails to push above $8700, a subsequent bearish breakout is likely.
This is exactly what happened. After price failed to push above $8665, the subsequent downswing broke the triangle support.
BTC/USD 1H Chart
- The 1H chart shows that price fell to around $7900 before finding support.
- Now, if price fails to push above $8300-$8400 area in the next global session, the following global session will probably fade BTC/USD back towards $7900-$8000.
- Then, a break below $7900 should open up the next pivot around $7565 all the way down to the March low of $7310.
- A break above $8400 on the other hand could initiate a stronger rebound towards $9000, and towards the $9400 area.
- First things first, let's see how the market reacts around $8400.