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Bitcoin (BTC/USD) Recovery Faces Resistance Around $7500

Bitcoin (BTC/USD) has been recovering so far in April. After tagging $6450 to start the month, price has since drove up to around $7500. In the previous analysis, we noted that there is a chance of price driving up to $7310 area, but that if price holds under this level, we should expect more downside.

BTC/USD 4H Chart

  •  So far, price was able to break above the $7310 area and tagged $7500. Still I don't consider this a strong break just yet, especially with the RSI in the 4H chart holding under 60.
  • The RSI holding under 60 would reflect maintenance of the prevailing bearish momentum in this time-frame.
  • I think if price falls below $7200, the market will lose confidence and will likely push back down to the $6450, with the $6000 still in sight. 

Crypto Trade Board Review 4/3/2018

Crypto Trade Board Review - 4/2/2018