Bitcoin Bounces off Short Term Lows

April produced solid results for Bitcoin and speculators are geared for dynamic trading in May.

Short-Term Rally Seen Past Half Day for BTC

Bitcoin has staged a short-term rally the past half day. After making strong gains last week the digital asset did find itself coming under some price pressure.

However, the cryptocurrency is trading near 9100.00 U.S Dollars per coin the last few hours. Short term support looks to be about 8800.00 U.S Dollars, and resistance appears to be the 9500.00 juncture.

Dynamic Results Coming in May?

A long-term look at Bitcoin shows it is still fighting within a band which is below its February highs. But Bitcoin has fought its way back from lows made during the 3-month bear market in digital assets, and the gains it made in April were dynamic.

The question for speculators now is if April’s results will prove sentiment has shifted into a buyers’ market and can be sustained in May.

In the short term, we believe Bitcoin could be positive. The mid-term and Long term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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