RATE Group | Pullback Over? Bitcoin Retakes $9K, Eyes Further Gains
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Pullback Over? Bitcoin Retakes $9K, Eyes Further Gains

27 Apr Pullback Over? Bitcoin Retakes $9K, Eyes Further Gains

Posted at 09:31h in Bitcoin News by

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Having recovered from a five-day low hit yesterday, bitcoin (BTC) has potential for a move higher towards major resistance at $9,880, the technical charts indicate.

The cryptocurrency moved back above $9,000 in the Asian hours after the pullback from the recent high of $9,767 ran out of steam around the ascending (bullish) 4-hour 50-candle moving average (MA).

As of writing, BTC is trading at $9,251 on Bitfinex, representing marginal losses over the previous day’s close (as per UTC) of $9,270.

A bearish follow-through to Wednesday’s bearish outside-day reversal would have been bad news for the bulls, but BTC instead appreciated by 4.5 percent on Thursday, keeping them in the game. Had BTC closed yesterday below $8,765 (Wednesday’s low), the bears would have had the upper hand for the short-term.

Daily chart

The above chart also shows the 5-day MA and the 10-day MA are trending north, indicating a bullish setup. The fact that bitcoin found takers below the 10-day MA yesterday…

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