A couple of sessions ago, we noted that Bitcoin (BTC/USD) was on a bullish run and might push to the $8300-$8400 area before it sees resistance.
For a couple of sessions, Bitcoin's price stalled around $8000 but eventually broke higher and is now testing the $8400 area.
BTC/USD 4H Chart
- As we can see on the 4H chart, Bitcoin is aon a strong rally that broke above some key resistance factors.
- The $8400 area involves a support/resistance pivot and is the current resistance.
- If price stalls here during the 4/15 session, we will likely see a bearish divergence between price and the RSI in this 4H chart.
Other Key Levels and Scenarios:
- if this is the case (price stalls for a session), we can see a retreat to test the $8000 area again this time as support.
- Failure to hold above $8000 might open up the $7525-$7600 area, a previous support/resistance pivot.
- Now if price holds above $7500 and is able to break above $8420, we might see price push towards the $9000-$9200 area, which is the next key resistance area.