Bitcoin showing bullish movement with a pullback completed at 8,675 USD .
BTC bounced off the 50-candle MA yesterday, establishing it as a strong support. The major moving averages - 50, 100, 200 - are trending north in favor of the bulls.
The pullback seems to have ended at $8,652, leaving bitcoin set to scale the resistance at $9,280 (double top neckline) and rise towards the 200-day MA located at $9,878.
Bear scenario: A failure to take out $9,280 and a drop below the previous day's low of $8,652 would establish lower highs and lower lows pattern (bearish setup) and would strengthen the case for a deeper pullback to $7,823 (April 17 low).
BTC bounced off the 50-candle MA yesterday, establishing it as a strong support. The major moving averages - 50, 100, 200 - are trending north in favor of the bulls.
The pullback seems to have ended at $8,652, leaving bitcoin set to scale the resistance at $9,280 (double top neckline) and rise towards the 200-day MA located at $9,878.
Bear scenario: A failure to take out $9,280 and a drop below the previous day's low of $8,652 would establish lower highs and lower lows pattern (bearish setup) and would strengthen the case for a deeper pullback to $7,823 (April 17 low).