LONG BTCUSD | Support of $9k withstands. Bullish trend is coming

Bitcoin’s price action in recent times has been lackluster, providing investors and analysts alike with little insight into the state of its macro trend. This ongoing sideways trading may not be unprecedented, however, as a look at the cryptocurrency’s historical post-halving price action suggests that this may simply be one of the initial phases of its next intense bull run.

Bitcoin confirmed a strong support of $9 000 level and broke upward from the macro Triangle pattern . Price action bounced from the lowest edge 3 times which is drawn at the chart and confirmed an upward trend. Assuming this next breakout favors buyers, a sell-side liquidation cascade could cause a violent upwards movement – similar to the liquidation-induced meltdown seen in early-March.

SkyRock Signals brand new algorithms predict bullish trend at medium and long timeframes which enhances results of technical and fundamental analyses. Bitcoin's price tends to retest Fib 0.236 level near $9 536 which probably will happen within the next week

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SkyRock Signals