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.