In the last assessment of Bitcoin’s (BTC/USD) price action, I noted that there were some signs in the 4H chart that the bullish trend was softening. I concluded that a break below $7400-$7500 area would likely start a bearish correction.
However, price held above the $7400-$7500 support and eventually pushed through $8000. Bulls are still in control, and the $9000 mark is likely going to be pressured with upside to $10,000 still in sight.
BTCUSD 4H Chart
Bull’s Remain in Charge:
As we can see on the 4H chart, price was UNABLE to hold under the 200-period simple moving average after initially cracking it a week ago.
Furthermore, the RSI pushed back above 60 and now above 70, showing firstly a lack of bearish momentum, and then also a possible return to bullish momentum.
Price action speaks the loudest - it held above the $7400-$7500 support and cleared the $8000 resistance.
BTCUSD is now cracking the $8400 resistance, which puts pressure on the recent highs just around $9000.
We had noted upside to $10,000 previously, and this is still the case at the moment.
At this point, if price dips, a hold above $8,000 would be a strong confirmation of the bullish continuation scenario towards $9900-$10,000.
On the daily chart below, we can see that this is the next area that showed resistance back in April and May of 2018.
It remains the case that a break below $7400-$7500 would be a sign for a bearish correction, but bulls are in charge at the moment.
BTC/USD Daily Chart