Retrace to $9150 before continuation
The beautiful bullish hammer yesterday evening gave way to a 4% move overnight with BTC closing the day nicely above the 200 Day MA (1200 here on the four hour in orange).
It met resistance at $9400 which is unsurprising since this has been a very significant level for months.
I would not expect us to simply smash through from here since a little more of a pullback is needed for any bull worth their salt to enter a trade.
An area of high confluence is the 0.5% line of this most recent move, which also clusters up nicely with previous support, the EMA zone, and the .236 line of the bigger move of the last several days. Expect to see a strong reaction at around $9150. This chart shows how a long setup could look.
However it is pretty conceivable that BTC needs to correct a lot further before breaking through this significant resistance. We have many CME gaps still unfilled. This could lead to some kind of cup and handle forming. However outlook seems bullish ahead of the halving in May.
It met resistance at $9400 which is unsurprising since this has been a very significant level for months.
I would not expect us to simply smash through from here since a little more of a pullback is needed for any bull worth their salt to enter a trade.
An area of high confluence is the 0.5% line of this most recent move, which also clusters up nicely with previous support, the EMA zone, and the .236 line of the bigger move of the last several days. Expect to see a strong reaction at around $9150. This chart shows how a long setup could look.
However it is pretty conceivable that BTC needs to correct a lot further before breaking through this significant resistance. We have many CME gaps still unfilled. This could lead to some kind of cup and handle forming. However outlook seems bullish ahead of the halving in May.
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