Bitcoin extended its 4/12 bullish momentum into the 4/13 session, rallying back above $8000 and tagging the $8200 area in early US session.
BTC/USD 4H Chart
- The 4H chart shows price breaking above a falling trendline and the 200-period simple moving average (SMA).
- The RSI also pushed above 70, showing some short-term bullish momentum.
- Now, as BTC/USD approaches $8300, we should anticipate resistance. In fact, there is already some selling around $8200.
- The $8300-$8400 area is a support/resistance pivot area, which we should respect especially with the RSI above 70 and therefore showing short-term overbought condition.
- Downside will first be limited to the $7525 pivot.
- But with crypto volatility, a break below $7500 targets $7200, which was a previous resistance pivot. If $7200 holds as support, the bullish outlook would still be in play.
- Many are calling this a bottom.
- While I am not totally convinced about a bottom yet, there are good signs, such as volume showing capitulation and possibly refreshed interest (as shown in the daily chart below).
BTC/USD Daily Chart
Let's take a look at today's Crypto Trade Board so far:
We had 1 break even from GVT
We had 2 losses so far from EMC (-3.57%) and BNB (-4.93%)
We had 4 winners so far from BAY (+4.89%), WAVES (7.07%), ZEC (7.87%), and XLM (10.20%).
The BNB loss was due to execution slippage where we ended up exiting below our original stop. Overall, this is probably not much better than the benchmark of all ALTCOINs vs. BTC as BTC lost dominance during the 4/13 session: from around 43.65% to around 42%. (coinmarketcap)
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