Bitcoin tries to gain a foothold above $9000. Should we rely on growth?

On may 21 the exchange rate of bitcoin has fallen sharply, forming in the process the candlestick pattern the bearish absorption. After the collapse of the quotes partially rebounded and are now trying to stabilize.

Golden cross

Bitcoin follows the line of rising support since the formation of the bottom 13 of March. Clear the slope of this line is yet to be confirmed.

Yesterday the price formed a candlestick pattern a bearish takeover. The graph also appeared with a small lower wick when reaching the line of support that gives hope for a potential rebound.

In the neighborhood of $8550 are stronger support levels, especially the ascending support line and 50-day moving average, which recently made a gold intersection with the 200-day moving average.

Short-term dynamics

On the short term charts shows that the price is in the area of minor support $9000, but it lost its 25-day moving average. Additional importance of the recent bearish breakout trade lend significant momentum.

In the future, bitcoin will either re-test the level of $9400, which will act as resistance or will fall to the support $8550, which was mentioned above.

On the hourly chart is showing some signs of pullback.

Initially, the quotes bounced from the level of 0.618% correction relative to the bullish move. The rebound was accompanied by excessive oversold signals from RSI. The last time I observed such signals, the price has been pretty active lifting.

Finally, BTC has already broken the short term descending resistance, which also points to prospects for a resumption of growth to the nearest resistance $9250. Then bitcoin likely to resume fall and dropped around $8600.

So, bitcoin felt little support and tries to develop rebound. Initially, it is not excluded attempts of growth, but in the end quotes with a high probability will drop to around $8600.


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