Bitcoin has surged through the $3000 mark following the split at the beginning of the month, with ‘Bitcoin cash’ being created at a lower valuation. This left the price of Bitcoin to push onward, continuing its previous upward trend.
The hourly chart shows that the subsequent rally is coming under some pressure here, with a trendline break showing, at best, a slowing of the ascent. At worst, this could mean we are due a pullback, with the possibility of a gap fill move back down towards $3000. The $3329 level will be key in this, as a break below that level would mean we no longer create higher lows on an intraday basis.