Technical Indicators:
Support Levels: $4000, $3900
Resistance Levels: $4800, $5000
Key Points:
- Bitcoin price started a bull rally today rising above the major resistance levels.
- Bitcoin broke through $4400, $4600 and $4900 resistance levels to move into a positive zone.
- Bitcoin price recently fell below $5000 after testing $5100 resistance level and is currently correcting downwards.
- It seems that the price might fall downwards again and settle somewhere around $4000 and $4400 in the short term before it starts a bullish momentum again.
Bitcoin Price Analysis:
Bitcoin started a bull rally and moved up to $5130 on the bitmex chart before starting to correct downwards. BTC is currently facing strong resistance around $4800 which might lead to a downfall. However, BTC is well supported around $4000 and it might fall somewhere around this range in the short term before starting to rise again.
Analysts are also terming the current move ‘a bull trap’ which might break soon and bitcoin might soon crash back to $4000 range. Bitcoin must settle above $5000 for the bulls to continue their action. On the downside, if Bitcoin price moves below $4700 support, it might test $4200 and $4000 support level below which it might turn bearish again.
