Bitcoin (BTC) Technical Analysis: Bulls Need to Break Above Critical $9.4K Resistance

17 Jun 2019

Bitcoin (BTC) Technical Analysis: Bulls Need to Break Above Critical $9.4K Resistance

Bitcoin has seen dramatic growth over the last 3 days, after another bullish weekend helped to catapult the #1 cryptocurrency over 15% to a new YTD-high.

Fears of a bearish rising wedge reversal were quickly to put to sleep, after bullish traders triumphantly broke above the $8,300 level on June 13. A FOMO frenzy then began which saw Bitcoin extend its gains above the psychological $9K over the next 3 days.

Right now, we can see that the price recently failed to retest yesterday’s high at $9,400which remains Bitcoin’s most critical short-term resistance. This particular level also lines up with a 4-year long resistance which has played a vitally important role in Bitcoin’s price development since 2015. Whenever Bitcoin has broken above this level, it has always signalled the start of a strong bull market. It has however, also proved to be a very difficult area to overco...

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