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Bitcoin (BTC): Potential Bullish Reversal?

The price of Bitcoin is struggling hard to hold its ground above the key 200-moving average on the 4H time frame. If we see it break past the trend line resistance, the probability of a potential bullish reversal in BTC/USD would increase significantly. In that case, we can expect a move towards $9.5k or higher. However, if it fails to remain atop the 200-moving average and declines down to the 23.6% fib retracement level, it will become very difficult for the price to bounce back.

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  1. I’m waiting for the reversal. If anybody is short at the moment it will shake them out. I’ve been short from 9800 and still holding that position. If we get a reversal I’ll bee shorting the top of that one too. It makes sense for the market makers to add a reversal to trap the last bulls before dumping on them.

  2. I think it is very risky right now to place a trade. Over 100 people in Frankfurt have been diagnosed after being at a church. This virus is very contagious. We have not seen the last of it.

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