10K remains key resistance for BTC with 9.1K important trading support
May 20, 2020
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Similar to other risk assets, such as the S&P 500, BTC has traded in a relatively narrow range under resistance through May. A breakout in either direction from the recent trading range is likely to signal BTC’s next tactical directional shift. 10k followed by 10.5k remain the levels traders are fixated on but 9.1K also remains an equally important trading level to be aware of.
Our bias is for an upside breakout to develop given BTC’s short-term (15-dma), intermediate-term (50-dma) and longer-term (200-week sma) trends remain positive. In addition, the advance-decline line for th...