Trading Bitcoin: Bullish Retest to $8.8k?

Bullish Retest to $8.8k?

On the daily chart above, Bitcoin’s sequential indicator is on a green 3 of 9 candle. Yesterday, we saw some mildly bullish activity as price rebounded to $8.2k. Now, Bitcoin is in neutral territory on the daily chart. From a broad perspective, we are still trading below the 200MA (orange) which is acting as critical resistance for the bulls. Also, the moving averages are about to create a death cross on the daily chart which is indicative of a bearish continuation. While sequential and price action is currently neutral, Bitcoin cannot get around the fact that the moving averages are still serving as resistance for the bulls.

4 Hour

Bitcoin continues to remain above the 128MA (green) on the 4 hour chart above. For now, this level is acting as support for the bulls. Bitcoin is currently on a green 3 and may continue to increase to the 200MA (orange) before a tentative rejection.

Conclusion

Overall, Bitcoin remains in the no trade zone from $8k-$8.5k. We are waiting for a definite move out of the no trade zone to determine whether the bulls or bears will gain control. For now, the trend remains neutral with the possibility of a bullish retest to $8.8k.

Disclaimer: The author of the article hodls Bitcoin.