On May 09, Bitcoin momentarily dipped below both the 20-day EMA and the small trendline support but it did not hit our stops at $8,900.
Currently, the BTC/USD pair has again pulled back above the $9,000 levels, which is a positive development. This shows that the buyers are still keen to support prices at lower levels. Now, the bulls might attempt a rally back to $10,000 levels, which is a critical resistance. The digital currency will gain strength only above $10,000.
On the downside, a confirmed break below the $9,000 levels will result in a drop to the 50-day SMA. The RSI has formed a negative divergence which is a bearish sign.
We suggest maintaining the stops at $8,900 for now, we shall trail it higher in a couple of days.
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