We had been projecting a target objective of $5,273.91 on Bitcoin (BTC) for the past few days and on Apr. 02, it hit an intraday high of $5,273.35. However, the higher levels saw profit booking that dragged the price back towards the support of $4,914.11. On the downside, $4,775 provided support, which is a positive sign. This shows that the bulls are in no great urgency to book profits.
The BTC/USD pair is again attempting to resume the up move. If it scales above $5,273.35, a quick rally to $5,674 and above it to $5,900 is possible. Therefore, we had recommended to book only partial profits in our previous analysis. However, with the RSI deep in the overbought territory, the pair might spend some more time in consolidation close to the current levels.
Our bullish view will be invalidated if the digital currency turns down from the current levels and slides below $4,500. Therefore, traders can raise the stops on the remaining long positions to $4,400.