Bitcoin Price Analysis: Are Sellers Hodling or Folding?

Will a 6% drop in bitcoin price hamper the current rally which has produced a 35% gain since March 3rd?

Highlights

April continues to amaze but after an impressive rally, Bitcoin and other majors showed signs of bearish exhaustion as the market became overbought after topping out at $9,767 today.

Daily Chart

As predicted BTC met stiff resistance near the 200-day MA ($9800) and while today’s pullback is mildly disconcerting, the longterm set up for BTC remains positive.

 4 HR Chart

Vision

Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.

Where do you think Bitcoin price will go this week? Let us know in the comments below!

Image courtesy of Shutterstock, Tradingview.com

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