Yahoo Finance Bitcoin Looks to Resume the Bullish Trend, $9,500 its first milestone
Bitcoin slipped 1.79% on Tuesday, adding to Monday’s 1.72% fall, to end the day at $9,075.1.
After Monday’s relatively minor decline, Bitcoin slid from an opening $9,240.6 to $8,876.8 within the first hour, the sell-off taking Bitcoin through the day’s first major resistance level of $9,075.27 and 23.6% FIB Retracement Level of $8,996, before some buyers returned at the 2nd major support level of $8,912.6
Heavier losses elsewhere through the morning ultimately pinned Bitcoin back from breaking out from the 23.6% FIB Retracement Level, with a middle of the day fall to the day’s low $8,818 once again testing major support levels before a shift in sentiment through the afternoon saw Bitcoin recover to $9,000 levels, with an intraday high $9,247.3 late in the day ensuring that Bitcoin closed out above the day’s major support levels and 23.6% FIB Retracement Level.
There was no negative news to influence the early moves, with the latest bullish trend formed back at 6th April continuing to look tired at the start of the week, though much of the moves since Monday will have been down to profit taking, Bitcoin having rallied 35% in the month of April.
For the bulls, recovering to $9,000 levels and hitting an intraday high $9,247.3 off the back of a slide to a day low $8,818 will give some hope of a bottoming out, which would support a strong rebound in the coming days and restore hopes of Bitcoin breaking back through to $10,000 levels for the first time since 9th March.
We continue to view the bullish trend to be intact, with direction through the current week a make or break for the Bitcoin bulls this month, Bitcoin Cash’s hard fork in 2-weeks’ time a consideration for investors, a decision needing to be made on which side of the fence to sit.
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At the time of writing, Bitcoin was up 0.73% to $9,134.0, with Bitcoin recovering from an early morning $8,968.3 low, as support kicked in at the 23.6% FIB Retracement Level of $8,996, pulling Bitcoin back through to $9,000 levels.
The morning’s intraday high $9,134.0 supports a bullish trend for the day, with Bitcoin managing to break out from the 23.6% FIB Retracement Level of $8,996 and avoid testing the day’s first major support level of $8,846.3.
A move through to $9,180 would support a run at $9,200 levels to bring the day’s first major resistance level of $9,275.6 into play, any failure to break through to $9,200 levels this morning likely to weigh on Bitcoin this afternoon and bring sub-$9,000 support levels into play.
We would expect Bitcoin to close out the day at $9,000 levels, support likely to kick in at sub-$9,000 levels, with sentiment through the middle of the day driving Bitcoin that has begun to make some moves on Bitcoin Cash ahead of this month’s hard fork.
Looking across at the Cboe Bitcoin Futures, the May contract was up $150 to $9,150, tracking Bitcoin closely through the early part of the day, with volumes on the lighter side this morning unlikely to provide the cryptomarket with too much direction.
Elsewhere, DASH and Waves were in the red through the early part of the day, while the rest of the majors were in positive territory, with Monero and Ripple’s XRP leading the majors early on in what looks to be a resumption of the bull trend formed back on 6th April.
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This article was originally posted on FX Empire
