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by Charalambos Pissouros

Bitcoin Surges and Hits Resistance Near 8900

BTC/USD rallied over the weekend, opening today above the key hurdle of 8400, and hitting resistance slightly above 8900, marked near the high of May 14th, 2018, as well as the inside swing low of the 9th of that month. The advance confirmed a forthcoming higher high on both the 4-hour and daily charts and thus, we would consider the near-term outlook to be positive.

We would expect the bulls to take charge again soon and perhaps push the crypto above 8900, probably aiming for the 9370 territory, defined by the highs of May 9th and 10th, 2018. However, before the next positive leg, the buyers may decide to take a small break, allowing the price to correct a bit lower, perhaps  to test the 8400 area as a support, or even the 8100 zone, marked by the inside swing high of May 21st, this year.

Our short-term momentum indicators detect upside speed, but they also support our view for a small setback. The RSI surged above 70, but it has started topping within its extreme zone. The MACD, although above both its zero and trigger lines, shows signs of slowing down as well.

Having said all that though, in order to start examining the case of a much deeper correction, we would like to see a clear break below the 7510 barrier, or even better, the psychological zone of 7500. Such a break would confirm a lower low on the 4-hour chart and may set the stage for declines towards 6865, marked by an intraday swing low formed on May 17th. Another break, below 6865, could pave the way towards the low of that day, at around 6475.

BTC/USD Bitcoin 4-hour chart technical analysis


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