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Bitcoin (BTC/USD) - Breaks out of Congestion Under $9000; Testing Resistance at $9180

Last week, we discussed how Bitcoin (BTC/USD) refused to form a top around $8400 and that a push to $9000 was possible. This rally materialized and after tagging $9000, Bitcoin is now in a congestion/consolidation pattern just under $9000.

*We are using the price provided by Coinbase

BTC/USD 1H Chart (Coinbase)

  • The 1H chart shows us that price was essentially in a triangle consolidation over the past couple of sessions.
  • However, note that the RSI held above 40 and price held mostly above the 200-, 100-, and 50-hour simple moving averages (SMAs). 
  • This means, the market was bullish and just taking a break. There was no indication of any bearish attempt yet. 
  • During the start of the 4/24 Asian session, BTC/USD broke above the $9000 resistance.
  • It is now testing a previous resistance pivot around $9180. 
  • There is general stickiness above $9180, and price might become choppy. But, above $9200, I think there is upside to $9930. 
  • At this point, only a break below $8800 would introduce any bearish outlook.
  • On the other hand, a test and rebound from $9000 would increase the likelihood of a break above $9200 and a push towards $9930-$10,000 area. 

Bitcoin (BTC/USD): The 200-day SMA is Now Resistance

Crypto Trade Board - 4/22/2018