Since on May 10, after Bitcoin crashed to $8,101 low, the market has been fluctuating below $9,000 resistance. About 48 hours ago, the bulls made an incursion into the resistance zone but were resisted at $9,142. Consequently, Bitcoin dropped again to $8,200 low
BTC/USD – Daily Chart
The king coin uptrend is still intact as it recovers from $8,250 low. Previously, Bitcoin has been fluctuating in a tight range between $8,500 and $9,000; but these levels have been breached. Nonetheless, prior to the announcement of Bitcoin having in early March, the ecstasy that followed pushed Bitcoin to rise from $4,607 to $10,045 on May 7. The just-concluded Bitcoin halving has come and gone with its volatility.
However, as earlier indicated for the bulls to achieve any meaningful upward movement, the $9,000 and $9,200 resistances must be breached. Bitcoin will rally above $9,500 if the resistance is breached. Subsequently, the momentum will extend to $10,000. Today, the market is still trending higher at the time of writing. This has been the market scenario. BTC is presently at level 55 of the Relative Strength Index. It means that the coin is in the uptrend trend zone.
Bitcoin recovered from downtrend; resumes uptrend
On the daily chart, the bears have tested the $8,000 twice as BTC recovered from the downward move. The bears have earlier fallen to $8,101 and made a downward correction. About 48 hours, another downtrend compelled the crypto to reach a low of $8,200. The coin rebounded above the current support and resumed the uptrend. Bitcoin is currently trading above $9,000.
On the downside, if support levels of $8,200 and $8,000 are breached, the uptrend will be terminated. In the meantime, BTC is still below 50% range of the daily stochastic. It means that the coin is in a bearish momentum. The stochastic bands are making U-turn indicating a possible change in momentum.