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Bitcoin (BTC/USD) Trying to Recover, Monitor $6900

Bitcoin (BTC/USD) has been consolidating since falling from $7120 to almost $6600 during the 4/9 session. It looks the market might have built a price bottom in the short-term, which opens up a possible short-term bullish attempt.

BTC/USD 1H Chart

Consolidation with Bearish Bias:

  • As we can see in the 1H chart, price action has been essentially sideways. 
  • Since the prevailing mode is bearish, we can say the market is sideways-bearish.
  • Within this context, we can still see some choppiness, and a possible rally come out of the session-long consolidation between $6620 and $6800. 
  • If there is indeed a rally during the 4/10 session, we should monitor the $6900 area. This has been a support/resistance pivot area.
  • If the market holds under $6900, forgiving some near-term breach above it, we can maintain a bearish outlook for bitcoin, at least towards $6450, which is the current April low. 
  • A break below $6450 would then open up the $6000 level. This is the bearish scenario for bitcoin we have been anticipating.
  • But for now, let's  anticipate a little choppiness and a possible rally to $6900.

Ethereum (ETH/USD) in Short-term Accumulation with Possible Upside to $500

Crypto Trade Board Review - 4/9/2018