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Bitcoin Price Analysis: Will BTC rise or fall?

Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level.
Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level.

Technical Indicators:

Support Level: $3600, $3700
Resistance Levels: $3900, $4200

 

Key Points:

  • Bitcoin price has found major support above $3600 which is not letting the sellers push the price downwards.
  • Bitcoin price is gaining momentum and a lot of buyers bought bitcoin during dips in the past few days.
  • Bitcoin might move above $4000 in short-term to test the major resistance around $4200.

Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level and test the resistance around $4200.

Bitcoin Price Analysis:

Bitcoin price showed bearish momentum in the past few days falling down from above $4000 to around $3600 before starting the correction. The momentum right now is however quite bullish as the robust support above $3600 pushed the price upwards with a lot of buying. The price will likely experience some dips before actually rising above $4000 to test the major resistance.

BTCUSD 24 hour chart
BTCUSD 24 hour chart

Looking at the 24-hour chart, the support above $3600 is quite strong. However, the bitcoin needs to break the short-term resistance around $3900 in order to move above $4000 to test the major resistance point. Bitcoin is currently trading around $3774.75 according to Bittrex Chart (at the time of writing).

 

The following article showcases the viewpoints of the writer and not coinnounce.com. The readers are advised to do their own research and analysis before investing or trading in any digital assets such as bitcoin which is quite volatile in nature.

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Written by Nadja Eriksson

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