So after consolidation between $8,000 – $8,400, we finally saw the expected breakout of the $8,400 resistance. As mentioned in our previous BTC analysis, breaking this level will send it up to test the strong $9,000 resistance.
As of now, looks like another consolidation around this level before breaking it up. Seems like it won’t be easy. Stochastic RSI is around its highest levels, hence, we might see a correction down before trying to break the 9K resistance again. Next target levels are the $9,400 resistance before reaching the $10,000 resistance mark. From below – the $8,400 resistance turned support and $8,000.
Overall, since we broke up the long-term descending line, looks like Bitcoin is on the green side.
BTC/USD BitFinex 4 Hours chart