themuzzman

Bitcoin... Stuck in the middle with you

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Bitcoin             is sitting nicely and working off some overbought indicators after the recent price advances. We busted out of the multi month downtrend line (all time highs) about 10 days ago. Glad to see if putting in the time, building a base off the pennant breakout and then breaking out again 3 days ago. Price is acting well but $9,000 has been difficult to get above and most meaningfully stay above for an extended amount of time. $9,000 was a previous "cluster of resistance" for half of March and the break above in February lead to a rally of $11,600. I'm going to go ahead and say that if BTC             breaks above 9k and stays above it, the price will pump pretty quickly to that $11,500 level again. BTC             price has had a lot of trouble with this area in the past and I wouldn't expect it to rip right through it like tin foil. Bitcoin             is back above the uptrend line from October 2017 and staying above would be "a good sign."


Bitcoin             is sandwiched in between the 50 and 200 day moving average. I would suggest the 200 might give it a little trouble and resistance when the price finally does meet it.


The 50 Week Moving Average is down at the ever familiar $7,000 level and I would gather that if the price gets into some real trouble, the bulls will be out to defend this area. It acted as pretty good support before.


Finally the 4 hour chart looks like it wants to pause a little here. The bearish MACD cross happened about 12 hours ago with a nice long wick on that candle. Feels             like were out of steam and need to just sit around a while and do our best to "not go any lower." Were close to the middle of this Bollinger Band and pretty neutral otherwise. RSI sitting at 60 on the 4 hour chart.

All and all... it could be much worse. We need to digest the move higher and the overall trajectory of the crypto market feels             like it has changed. At least for now. All the garbage alt coins are rallying and even having some "pretty silly" pumps. Suspense is killing me but holding these price levels would not be bad at all. Watch for a break above 9k and we might see the price hit the 200 day moving average pretty quickly with a sharp move higher. Other than that... your guess is as good as mine.

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