Support Level: $3850
Resistance Level: $4400
- Bitcoin price is trading above $4000 resistance level against USD.
- A new support level is formed around $3850 and $3800.
- The price can rise further up to $4400 where the major resistance lies.
Bitcoin price started a major correction after being bearish for over a month. Bitcoin is currently trading around $4198 (according to Bitfinex chart) with buyers pushing the price towards $4400 resistance.
Bitcoin Price Analysis
As discussed yesterday, the bitcoin price has moved higher above $4000 against USD. Bitcoin broke the key resistance around $3800, $3850 and $3900. A new major support level is formed around $3850 and the major resistance lies around $4400.
Looking at the 24-hour chart, bitcoin price which is currently trading around $4198 is steadily moving towards $4400 resistance with buyers pushing the price upwards. There is also a lot of trading volume, hence the current move cannot be termed as a dead cat bounce, instead, the price is expected to rise further and bitcoin may even break the key resistance around $4400 which will result in bitcoin price moving towards $6000 mark.
Disclaimer: This article is not financial advice and represents the viewpoints of the writer and not Coinnounce. The readers are advised to do their own research before making any investment decisions in the cryptocurrency market.