38 minutes ago
BTC Signaling Bullish Continuation, $4K Incoming?
Bitcoin price started a downside correction after a sharp move towards $3,750 against the US Dollar.
The price corrected lower and tested the $3,540-3,530 support area, where buyers emerged.
Later, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is placed nicely in a positive zone and it could continue to move higher towards $3,650 and $3,800.
Bitcoin price is slowly gaining bullish momentum against the US Dollar. BTC/USD remains in a decent uptrend, with high chances of a bull run towards the $4,000 resistance in the near term.
Bitcoin Price Analysis
Recently, bitcoin price spiked sharply from the $3,350 support area against the US Dollar. The BTC/USD pair rallied and broke the $3,500 and $3,600 resistance levels. There was also a break above $3,700 level and the 100 simple moving average (4-hours). Buyers pushed the price towards the $3,750 level and a new monthly high was formed near the $3,745 level. Finally, the price started a downside correction and traded below the $3,700 level. There was even a break below the $3,650 level, but the price remained well above the 100 simple moving average (4-hours).
During the decline, the price broke the 23.6% Fib retracement level of the last wave from the $3,343 low to $3,744 high. The price traded below the $3,600 level, but buyers appeared near the $3,540-3,530 support area. Moreover, the 50% Fib retracement level of the last wave from the $3,343 low to $3,744 high also acted as a support. A new support base was formed near $3,340 before the price moved higher. Recently, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair. #forextrading #stockmarket #bitcoinprice #success #bitcoinnews #cash #bitcoinnews #bitcoinmining #motivation #makemoneyonline #rich #ico #coinbase #bch #makemoney #startup #forexmarket #uk #bitcoinbillionaire #forextrade #bitcoin #millionairemindset #ltc #stocks #usd #london #forexlife #cryptocurrencies #ethereum #litecoin #bitcoinnews #bitcoinmining #hodl