Bitcoin Price Analysis: A break higher could confirm that the dip was just temporary
- Bitcoin has recovered slightly on Thursday pushing 1.2% higher.
- The break of a key intraday resistance level could confirm the drop this week was just a blip.
BTC/USD 4-Hour Chart
As Bitcoin tries to find a base from the fall earlier in the week a strong resistance has emerged.
The 9,500 level matches with the 50% Fibonacci and could become more important.
If the price breaks above there it will break the series of lower highs and lower lows.
If the level is rejected it could confirm the pair is in a 3rd wave (Elliott Wave) lower.
The 3rd wave is traditionally the longest so the market could be in for a hard time.
Looking ahead the daily candle could also just be a dead cat bounce and traders might just be collecting profits. For now we must wait for more signals.
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Additonal Levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
