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Bitcoin (BTC/USD) in a Topping Attempt

Bitcoin's (BTC/USD) April Rally looks shaky as we start a new month. After almost reach $9,800 a week ago, it has missed this high in a second bullish attempt this week

BTC/USD 4H Chart (Coinbase)

  • As we can see on the 4H chart, price held under $9500 most recently, and is now falling below $9000 during the Asian-European 5/1 session.
  • Note this broke below a rising trendline. 
  • The RSI however still holds above 40, which suggests the prevailing bullish momentum is still lingering.
  • A break below $8600 will be needed to complete a top. This seems to be the key support for the last couple of weeks.
  • Below $8600 I think we open up the $7800 down to the $7600 area. For now, I would limit the bearish outlook to this area, pending a break below $8600 of course.
  • On the other hand, a hold above $8600 and a push back above $9180 could be a sign that the market still wants to hit that $10,000 mark.

Bitcoin (BTC/USD) - Key Resistance in the Short-term

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