BTC/USD Bitcoin Attempts Advance to the 9200-500

BITSTAMP:BTCUSD   Bitcoin / Dollar
Price is back at the 8850 level and is looking ready to advance and enter the
resistance level 9200-500. On the hourly chart we see a close above the Daily R1
pivot and bullish pressure is clearly visible here. But if price fails to create
momentum at current level, it may drop back yet again, towards the Daily pp
at 8600 or the intraday resistance at 8700 around the upper hourly Cloud. Though
bias is to the upside on the intraday chart as of now. Again, the resistance level
above price is strong and normally price would test it and bounce at a first attempt,
retrace to the 8900 level and then come back and penetrate it. That is how normal
price action would occur, so if it instead cuts through it with a strong candle, it will
be quite bullish and may cause a smaller rally towards the 10800 level and the
Weekly R2. Only a daily close below 8150 will shift focus to the downside and the
first support below is the yet untraded Weekly pp at 7770.
Overall, price has recovered from a sharp sell off and is trying to break above important
resistance to carv higher. Still, trend is bearish on the daily timeframe and price is
trading well below the Cloud. A close above the Kijun Sen (white line) at 9500, will
be important in the continued recovery.
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