Bitcoin’s Upward Halving Move Fails at $9,200

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In Brief
  • The Bitcoin price was rejected by the 200-hour moving average at $9200.

  • BTC has created a triple bottom near $8200 — which is combined with a bullish divergence.

  • The crypto-market leader is following a long-term ascending support line.

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On May 12, the Bitcoin price mostly consolidated between $8200-$9200. The price made an attempt at moving above $9200 but was swiftly rejected and dropped sharply — reaching a low of $8200 before bouncing upward. The rejection occurred right between the 0.5-0.618 fib levels and was strengthened by the presence of the 200-day moving average (MA). This left a long upper wick in place —
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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