Support Level: $3600
Resistance Level: $4300
Key Points
- Bitcoin price started a correction lately and went above $4000 range.
- The major resistance lies around $4300 which looks quite difficult to break
- The current support lies at $3600. The price may likely fall down up to this point soon as predicted by analysts.
Bitcoin price recovered a bit to move above the $4000 range but the bear trend is still not over as a major bear trend line is set around $4300 resistance which may push the price down towards the major support of $3600.
Bitcoin Price Analysis
The last month proved to be deadly for bitcoin and other major altcoins as huge losses were faced by the cryptocurrency market due to high selling pressure. However, in the last week bitcoin had a small recovery from $3500 to above $4000. Bitcoin was able to break the major resistance at $3700 and $4000 but moved back below the $4000 range soon. Yesterday bitcoin price showed a recovery again moving the price above $4000 but the amount of volumes being traded is far below than the volumes which took the price down last month and so a major bear attack is being predicted in the upcoming week.
Bitcoin price must break the key resistance around $4300 and $4400 in order to move further above but the resistance proves to be quite strong and may lead to a further downfall in price. If this resistance is somehow broken, the next major resistance lies just $100 above this point i.e. at $4500 which is also quite strong and breaking such strong resistances is nearly impossible at the moment.
Bitcoin is currently trading around $4176 according to CoinGecko with the major resistance at $4300. On the hourly chart, however, there is a small support around $4000 range but higher selling pressure can easily break through the support to bring the price below to the $3600 support.
