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Bitcoin (BTC/USD) Bulls Still Attacking

Bitcoin (BTC/USD) has remained bullish despite the sharp decline from $9760 to $8600. We anticipated support at $8600, and a possible return to the $9150 area, which would be within the bearish outlook. Price climbed back a bit higher making us still consider bulls to be in control.

BTC/USD 4H Chart

Still Bullish:

  • If we look at the 4H chart, Bitcoin still looks bullish since its April rebound.
  • Price held above even the 50-period simple moving average (SMA), and the RSI held above 40.
  • If these 2 noted conditions break, then we can start considering the bearish outlook.
  • We should also look for a break below $8600 before considering the April rally over. 
  • If price indeed break below $8600, we can anticipate a dip to $7800-$8000 area as the next support. 
  • For now, I would limit the bearish outlook to $7500. If price can hold above $7500, we should consider upside towards the $11750 area (Feb-March highs). 

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