Bitcoin (BTC/USD) has been holding above $6450 in April. A bearish attempt failed to break below during the 4/6 session, followed by a bullish rebound that is now pushing across $7000.
BTC/USD 4H Chart
- Note that the overall trend is still bearish, and I don't think this mode is over yet. Or at least, price action has not convinced me that the prevailing bearish trend has ended.
- We are seeing a pause, with a possible bullish recovery in the short-term above $7000.
- First I would be paying attention to the $7300 area. Inability to push above this area could result in bull's giving up and bears pulling down BTC towards $6450-$6500 again over the weekend.
- In the longer-term, there is still downside to $6000.
- Meanwhile if price does push above $7300, it still has $7500 resistance.
- Pushing above $7500 can send price towards $8000, where we should see critical resistance, and maybe the last line of defense for the bearish mode.
- For now, let's not get ahead of ourselves, and monitor the $7300 area for resistance.