BTC facing some heavy resistance around $9,000
Hello guys,
Bitcoin made five consecutive attempts to close above $9,000 since last Wednesday and all of them failed. It was trading above that line on two occasions, almost hitting the long-term downtrend on April 30.
On Sunday, May 3, it moved South to $8,912 after another rejection, still registered a 15.7 increase for the week.
The rapid increase in trading volumes last week was followed by a gradual decrease to $38-$40 billion on Saturday. Then again, volumes started to pick up on Sunday evening and we are seeing them hovering around $45 billion at the time of writing.
Nothing changes in my strategy here - for now, the zone between $8,600 - $8,700 will serve as a support for us and we'll be looking for a break out of the rectangle that connects the halving with the $8,600 line and the diagonal resistance.
I think we will go a little bit lower in the coming days, but not below $8,600, then rebound from there as the major event is approaching.
On the 1-h chart we are in a downside since yesterday morning, but finding solid support at $8,600. We are currently trading around the 50 and 100-day EMAS, but the upper-end of the corridor is near $8,900 so a break above that level might be our buy trigger.
By the way, the RSI keeps on hitting the horizontal resistance I mentioned on Wednesday, so it will be pretty interesting to finally see it surpassed.
Cheers,
Bitcoin made five consecutive attempts to close above $9,000 since last Wednesday and all of them failed. It was trading above that line on two occasions, almost hitting the long-term downtrend on April 30.
On Sunday, May 3, it moved South to $8,912 after another rejection, still registered a 15.7 increase for the week.
The rapid increase in trading volumes last week was followed by a gradual decrease to $38-$40 billion on Saturday. Then again, volumes started to pick up on Sunday evening and we are seeing them hovering around $45 billion at the time of writing.
Nothing changes in my strategy here - for now, the zone between $8,600 - $8,700 will serve as a support for us and we'll be looking for a break out of the rectangle that connects the halving with the $8,600 line and the diagonal resistance.
I think we will go a little bit lower in the coming days, but not below $8,600, then rebound from there as the major event is approaching.
On the 1-h chart we are in a downside since yesterday morning, but finding solid support at $8,600. We are currently trading around the 50 and 100-day EMAS, but the upper-end of the corridor is near $8,900 so a break above that level might be our buy trigger.
By the way, the RSI keeps on hitting the horizontal resistance I mentioned on Wednesday, so it will be pretty interesting to finally see it surpassed.
Cheers,
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