Bitcoin faced major resistance last week around $9600, and like mentioned in my previous report, we are retesting the 8k zone.
When we look at the indicators on the 4hr candle chart we can see that the bullish momentum is building up in the market again, however there is a ton of resistance above $8600 – $8800. The bulls have a lot of work to do to get us through this ceiling, but with the right price action it sure is possible on the shorter term.
I can see quite a bit of bearish talk on the candlestick patterns, as well as a possibility that a new longer term bearish trend has emerging. If this is the case I would expect the support level around $8000, short term, to get tested again, and $7100 could be on the cards should the above mentioned fail.
Best case scenario here in my opinion would be some sideways trading for the Bitcoin USD pair, between $8000 and $8800. This will be quite a healthy correction in my opinion and necessary if we expect a break above $9600 to test the illusive 10k barrier.
Please remember this is crypto and anything can happen, be prepared, bulls and bears will battle it out this week. Safe trades