Bitcoin markets initially met some resistance when prices were looming around USD 9,000 levels. And yet, recent hours have seen prices spiking above such levels. Traders observed prices nearing USD 9,000 levels through the course of the trading session, but it was only a price spike that helped prices surpass that level.

The day’s signals

  1. While prices went through a mild rise through the course of the day, Bitcoin traders struggled to reach USD 9,000 levels.
  2. BTC/USD markets were met with some resistance to upward movements when nearing the USD 9,000 price point.
  3. Now, a sizeable upward spike pushes prices close to USD 9,200 levels, with the market taking consideration of the newly-reached price point.

BITCOIN gdax-btcusd-Apr-24-2018-6-1-21

GDAX BTC/USD charts are indicative of how traders are in for today’s breakout, with the recent decisive move pushing prices close to USD 9,200. For the greater part of the day, traders would contribute quite a bit of sideways trading. Volumes were kept at normal levels without many decisive moves. It was only at times when upward swings would start facilitating it that selling pressure amped up. Now, traders are taking consideration of the newest spike that pushed prices way beyond what was conceived as resistance.

BITCOIN okcoin-btcusd-weekly-futures-Apr-24-2018-6-1-26

OKEX BTC/USD weekly futures are now notably more bullish than live Bitcoin markets. It’s worth looking back at how there used to be a notable divide between futures prices and live market prices over recent past trading sessions. However, Bitcoin futures traders have apparently shaken off that sentiment. BTC/USD exchanges now showcase a market sentiment ever slightly more bullish than live markets. Futures prices are sustained at levels above live prices and upward swings are mirrored with an exaggeration.

All in all, today’s trading session appears to be concluded with yet another upward spike which comes in to be the day’s decisive move. Amid the market’s current sentiment, the consideration of this upward spike is likely to be followed with support of a certain extent.  Provided that a breakout was observed in the recent hours, traders would be on the watch out for potential profit taking in the upcoming trading session.


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