BTC/USD Poised Under $9k Only Six Days Out From Halving
The BTC/USD trading range is narrowing between $8,500 support and $9,000 resistance with 6 days to go until halving.
Having recovered most, if not all, of its Coronavirus sell-off, BTC/USD has more than doubled in price from its March low of $4,000.
Bulls are likely confident leading into the halving, having witnessed BTC/USD demolish countless key resistance levels with unrelenting bullish momentum.
With the 50 and 200 day EMAs starting to curve upwards and no sign of bearishness in the RSI, bulls may be anticipating a continued push through the orange resistance zone to an eventual test of $10,000 leading into the date of halving.
Momentum bulls will note that the RSI has risen very close to the 80 level, a break of which has historically preceded explosive moves to the upside.
Bears will be eyeing the region between the top of the orange resistance zone and $10,000 as an optimal risk/reward level to enter short positions. Stops will likely be congested above the $10,000 level, a break of which may give way to yet another cascade of stop-loss selling.
The Bitcoin halving has become a hotly discussed topic and has even found its way onto some mainstream news programs. Traders should note a bullish expectation bias in the rhetoric and prepare for the possibility of a sharp 'sell on news' move on the day of halving.
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