BTC challenges 9-9.5K resistance making new 7-month highs vs S&P 500

May 6, 2020 • 2 Min Read

A pause for most Alts but BTC remains resilient, challenging 9.5K heading into its halving - Most cryptocurrencies paused or pulled back over the past week after rallying into resistance bands with short-term momentum peaking at overbought levels. BTC also paused but has been impressively more resilient notably over the past two days, challenging resistance between 9-9.5K as the widely anticipated May 12 halving draws near. 

So what to do? While the debate regarding how BTC will react to its halving rages, our recommendation remains straight forward based on BTC’s current technical setup. 

BTC remains above its tactical uptrend at its 15-dma - From a tactical standpoint, BTC is overbought short-term after punching above its widely watched 200-dma last week. However, BTC  also remains in an uptrend defined by its rising 15-dma at 8.4K. Until that moving average is broken, we recommend tactical investors and traders remain long. A move above 9.5K would likely see a move to next resistance at 10.5K.

The image in this report is only accessible to members
BTC makes new 7-month highs versus the S&P 500 with uptrends intact versus Gold and Bonds    One noteworthy milestone that developed over the past two days was BTC rallying above its Q1 2020 and Q4 2019 relative performance highs versus the S&P 500. BTC also...

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

BITCOIN (BTC) “CRYPTO-WINTER” LOOKS TO BE OVER.  A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course.  The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...

Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA -0.49% .  Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume.  Hourly charts show this breakout above the two former peaks...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In