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Bitcoin tries to go above $9,300 but is expected to go down

Written by  May 07, 2020

The Bitcoin price has broken out from a short-term descending resistance line but still has yet to move above its 30th April high.

On 6th May, the Bitcoin price broke out from a short-term descending resistance line. The breakout occurred with considerable volume, increasing its significance.

The price reached a high of $9,380 before beginning to retrace. During the retracement, the price found the $9100 level as support, which is the same level BTC just broke out from.

The price has been gradually increasing since, creating a long lower-wick in the process.


Image courtesy of TradingView

But it now reaching strong resistance and as it did on 30th April and will be expected to go down from here.

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Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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