The bulls are still not going to give up — yesterday the price of Bitcoin rebounded from the support level of $ 3680 and began to grow again. Apparently, the drop to $ 3,500 and will not become a reality in the near future. This week Bitcoin has a chance to form a new bullish wave up to $ 4,000.
The General situation looks like this:
- Monday started a local correction cryptocurrency — Bitcoin fell below $ 3800;
- today, the cost of the asset breached the upper boundary of the descending channel (on a scale of 1-hourly chart);
- in the next few days coin must overcome the resistance in the area of 3900 dollars and test the line $ 4,000.
At the moment Bitcoin is trading at $ 3820. For the past day, the cryptocurrency rose 0.20 percent.
The beginning of this week was not so good for buyers — the uptrend in Bitcoin was over before it even started. BTC fell below $ 4,000, thus burying all hopes of investors on the growth of up to $ 5,500. However, the downward movement has not lasted long, because already on the line 3680 dollars the buyers were able to push the asset up.
However, while the price of Bitcoin there are several serious obstacles. First, local resistance and now serves as a moving average SMA 100 (on a scale of 1-hourly chart). Secondly, a local maximum at the level of 4249 $ is another deterrent for a bullish movement.
So, at the moment it is best to wait for another pullback to $ 3700 and closely monitor the market. If this movement will not end with a new sink, you can open long with the next goal to fix the profit at the level of $ 4,000.
The readings of technical indicators while talking about the lack of a huge number of sellers on the market. MACD is gradually moving in the bullish zone, but the RSI is slightly above average.
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