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Is Bitcoin Turning Up Again?

Bitcoin has been bearish from mid-July to mid-August, falling from above 300 to around 162. Then as we can see, price has started to trade sideways but held below 240. As we get into the weekend (9/5), bitcoin is still trading sideways but a bullish attempt invites the question of whether BTCUSD is ready to rally again. 

Bitcoin (BTCUSD) 4H Chart 9/5
(click to enlarge)

The 4H chart shows the virtual currency trying to break above the current price range. It is cracking a falling trendline from around 300, the high at the end of July. Price is already above the 100-, and 50-period simple moving averages in the 4H chart, and the 4H RSI has already tagged 70. These are signs that bulls are starting to take over in this market. 

A break above 240 should open up the support/resistance area around 260. A more aggressive outlook would be towards the 300 level, which might be a more likely scenario if we see the 240 level later tested and confirmed as support.

Failure to clear 240 and a drop below 230 however keeps the pair neutral-bearish in the short-term