Bitcoin (BTC) saw a healthy surge yesterday evening (UTC), which has thrust it back into resistance levels on two timeframes. But now comes the tricky part: we wait to see if this uptrend can be maintained as resistance thickens.

We start on a 4-hour chart to see the general picture, and price is now engaging the local top for the third time in the last week and a half. Although we are seeing the RSI trend break a bit, the general trend is flagging strength with each test of the top – not a good sign. We need to see this trend more definitely broken as the day continues.

Have to hold that RSI trend at leastBTC chart by TradingView

On the hourly for a detailed view, we see that $6,500 must be held to keep Bitcoin in the game. But volume is not keeping with price on the surge, and we see a bearish divergence already on the RSI.

$6,500 retest likelyBTC chart by TradingView

Based on this, we might consider it likely that $6,500 will be tested; if we see support there, maybe the uptrend can take a stab at the higher resistance after a beachhead is built.

Finally, on the daily chart, we see that the lower timeframe resistance is confluent with a larger and scarier one. We see that the 8 and 21 EMAs are taken at time of writing, and these need to be held in order for Bitcoin to have a chance at breaking this level.

Will take some doingBTC chart by TradingView

We see that the RSI has succeeded, barely, in continuing the higher high/low progression, and is not looking especially strong. The histogram is maintaining above the positive side, but with just a little, flat upward direction. Volume continues to fall on the price rise.

This could easily be a relief rally whose time has ended. The current bottom does not look like a strong bottom with a double-test. But these are unusual times; Bitcoin just needs to stay above the EMAs for a few days, and the sentiment could change quickly.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via