Bitcoin (BTC/USD) has been choppy, and I thought that it was going to fall after finding resistance at $9180 during the May 2 session. However, it fought back up and broke above $9200 and has now broke above a triangle resistance.
BTC/USD 1H Chart
- This bullish breakout opens up at least the $9500 level, and possibly the $9700-$9750 area.
- Also, the $9180-$9200 area is now going to be looked at as support. If we see price bounce off of $9200 again, it would be another confirmation for the bullish outlook towards $9500 then $9700.
- A break below $9150 will be needed to crack Bitcoin's current strength and bullish outlook.