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Bitcoin (BTC/USD) Likely to Clear $7000 in a Short-term Recovery

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. 

Crypto Trade Board Review 4/7/2018

Crypto Trade Board Review 4/6/2018