Bitcoin aimed it really high last week and the bulls confirmed their strength and position. In a previous article, “The Bulls Have Bitcoin Under Control and Are Heading Higher Again” we wrote about the clear predominance of bulls in purchases and that they can attack $ 10,000 during the month. Three days later, BTC reached a maximum value of $ 9460 (binance) and increased by $ 1,668 from the maximum price we reported in the previous article.
On April 29, the bulls bought a really decent amount of BTC, which is confirmed by the volumes, and they passed through strong resistance in area $ 7,700 – $ 8,000 without any problems.
With this step, they also successfully erased the hard March drop and we are currently trading at a price $ 8770 (binance), BTC has also finally got out of the “Extreme Fear” zone and currently it looks like we will also get out of the status “Fear” and we go to “Greed”, it is also confirms the good mood on the market.
Let’s look at what technical analysis tells us:
- We are currently trading in the 312-day consolidation phase, which means growth in the medium to long term,
- Support – $ 8400 is the zone where we saw several reflections, then we can fall free to the limit of $ 7500 where is the second support,
- Resistance – BTC had problems in the zone $ 9000 – $ 9150 here is the first test for bulls, the second is waiting for us in the area of $ 9500 and then there will be a magic limit of $ 10000 which has always had strong support for bears.
Trading tips:
- Open long in area $ 8400$ – $ 8250$, next round $ 7500,
- Open short in area $ 9000$ – $ 9150$, next round $ 9500, $10000,
- Use SL according to your risk management.