It has been a bullish couple of weeks for bitcoin, until these past couple of global sessions. As we can see on the 4H chart, btcusd stalled after tagging 285.
After a session of retreating from 285, bitcoin held above 260 today, and held above a previous resistance area. Also, price is holding above the 200-, 100-, and 50-period SMAs in the 4H chart. These SMAs are sloping up and in bullish alignment. Meanwhile, the RSI has held above 40, showing that the bullish momentum is still in play. As we wind down the 3/5 global session, we saw a strong bullish candle. This could very well lead to further bullish continuation. To the upside, above 285, bitcoin will have the 300-310 highs in sight as well as the 321 high on the year.
The 1H chart shows that the market is also holding a slight bullish bias in the near-term. Today’s rebound pushed btcusd above the 100-, and 50-hour SMAs. With the SMAs sloping up (except for the 50-hour SMA) and in bullish alignment, this crossover gives bitcoin back the bullish bias. The RSI showed that there was a loss in bullish momentum as the reading fell below 40. However, because it has not tagged 30, it is showing lack of bearish momentum.
A break above 280 seems like a necessary event before the market will be convinced of the bullish momentum. It would clear above a previous resistance pivot and the current falling channel resistance. Also, a hold above 275 will add weight to the bullish outlook.
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