Bitcoin easing back after post-split rally

Ultimately, this market seems to act much like an index, in that it has an innate uptrend over the long term. It has been proven that sell-offs are greeted with buying pressure, and as such it makes sense to look for longs on retracements. The four-hour chart highlights the fact that we were trading within an ascending triangle before the split last week. The prior swing low came in at $2644, which is the level that needs breaking for the bullish view to come into doubt.

However, until then a pullback on this wider spectrum could bring a buying opportunity, with the $2930 region looking particularly interesting from a risk-to-reward perspective. Looking at the stochastic, there is clearly a slowing momentum, and should we see a break below the 80 mark, alongside a move below $3329, it would look like we are set for a retracement lower for Bitcoin. Until that happens, the uptrend remains in play.