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Bitcoin (BTC/USD) Misses 10K and Retreats: 9K is Key Support

Bitcoin (BTC/USD) has been rallying since rebounding from a low around $6450 in April. During the 5/5 session, BTC/USD rallied to almost $10,000 before retreating.

BTC/USD 4H Chart

Still Bullish

  • The 4H chart shows a bullish market with price above the 200-, 100-, and 50-period simple moving averages. 
  • If price holds above $9400 during the 5/6 session, we should expect Bitcoin to pop up to $10,000.
  • If the pullback extends, we should monitor the $9000 area as key support.
  • This is like the middle of the previous triangle consolidation.
  • A hold above this would reflect respect to this triangle as support and still maintain the bullish mode. 
  • The 4H RSI should also hold above 40 if this current uptrend since April were to maintain the bullish momentum.

Bearish Outlook:

  • But if price falls below $9000 and the RSI below 40, the bullish trend could be over.
  • Below $9000, we can anticipate a dip to $8400. The bearish outlook improves if $9000 now becomes resistance. 

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