Bitcoin (BTC/USD) looking forward to test the 8900 handle

Bitcoin (BTC/USD) looking forward to test the 8900 handle

The Bitcoin has managed to break the highs of the session on April 15 and it seems that the outbreaks would be set at the Fibonacci level of -23.6% at 8706. Buyers had the opportunity during Friday to be able to dominate the price action, which it was confined to a narrow range around the 50-hour moving average.

In addition, the 200-hour moving average continues to point higher, giving signs that the upward trend could continue for several more days. Such a move would allow the cryptocurrency to move towards a key resistance at 8907. If we observe a break above that area, the BTC/USD pair could aim to reach the psychological level of 10000 once again.

What do we expect?

According to our forecasts in the H1 chart, the BTC is being favored by the bullish price action, and this leads to the next obstacle to face the level of 8706, where we project that take profit orders of the current long positions. However, in case the Bitcoin fractures the lows of April 17, we could see a fall towards the Fibonacci level of 65% in 7089.

BitcoinH1.png

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