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.