Bitcoin Price Analysis: BTC to $4200 soon

Technical Indicators:

Support Level: $3650

Resistance Level: $3850

  • Bitcoin price started a bullish run yesterday breaking above the key resistance around $3600.
  • A major bullish trend line is set with the new key support at $3650.
  • Bitcoin price is expected to rise above $4200 in short term.

Bitcoin price gained momentum above $3600 and the bulls are expected to push up the price towards $4200 range very soon.

Bitcoin Price Analysis

Yesterday was a great day for bitcoin as the price of the king of cryptocurrencies started a bullish momentum against USD. Bitcoin is experiencing major buying above $3600 currently with the major support around $3650 which is pushing the price even further above $3700. The price seems to be bouncing back but the dips are well supported by large buyers.

Bitcoin price has a number of support levels above $3600 now with the most major support at $3650. Other supports lie at around $3680 and $3700. There is a major bullish pattern line set with support near $3650 on the 24-hour chart of bitcoin.

BTCUSD 24 hour chart- Bitfinex

Looking at the 24-hour chart, the bitcoin price is facing an uptrend rising above $3600. Bitcoin is currently trading around $3823 (according to bitfinex chart). The only major resistance lies between $3800 and $3850. If bitcoin price breaks above this resistance level, the price is expected to rise sharply above $4200 in short term.

Joyce Lang

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