After accumulating the volume Bitcoin bulls are trying to develop success

After some pause and accumulating the necessary volume around the round mark of $8000, today bulls move to gain in the main cryptocurrency - Bitcoin. Shortly before the opening of American trading, the cryptocurrency storms the level of $8,460, the strategic mark in the current market picture. The fact is that it is at this level that the 38.2% Fibonacci extension is located. If the market can not update this mark, we will see the formation of a sideway range $8,460-$7,750.

Thus, the basic level that should be taken into account now is 8,460 US dollars (April 15 maximum). A convincing step above this level would set higher highs and higher intention (bullish mood) and, most likely, confirm the long-term turn of the bull.

Let us reiterate our conclusions and call for caution! Until we see the fastening of a large volume above $8,460, talking about the continuation of bitcoin growth is premature. It seems that there is a bullish breakthrough, but this step is rather a sideway breakthrough (an unconvincing breakthrough) of the long-term trend.

The risks of pullback are still high, given the weakness of the breakout. Failure to hold above the downward trend support (former resistance) of $8,230 may lead to a decrease to $7,823 (minimum April 17).

The key levels that need to be monitored the next day or two are resistance at $8,460 (April 15 maximum) and support at $7,823 (April 17 minimum).

FortFS