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Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.
The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.
As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.
Source is here.
The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.
As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.
Source is here.
I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.
Do you agree or you do have a different idea?
The main resistance seems to be $4400 or $4500 here.
I don't think that traders are motivated enough to pump up the price much further from this point onwards. It could be likely that this week we could see the establishment of $4500 as a price "floor" but i don't think it's very likely. Next week i think we will see another pump, perhaps pushing bitcoin over the $4500 mark, but then an adjustment will come to pull down the price to around $4000.
A lot of sideways movement and i expect by the end of this week the price just staying around the same margin as right now($4100-$4200) instead of moving much. Technical analysis is good, but it doesn't take into account people's emotions.
