The results of the week: Bitcoin holds above $ 4,000. Bullrun started?

This week the market supervision have gradually passed into the hands of the bulls. Now Bitcoin is in uptrend, which supports the cryptocurrency is above $ 4,000. As indicated by the graphs, the coin will continue to grow up to $ 4,500. With a favorable news background is not excluded pump and up to $ 5,000.

The General situation looks like this:

  • this week, bitcoin has managed to break above the resistance zone of $ 3,750;
  • on 4-hour chart is beginning to form a symmetrical triangle with resistance at the point $ 4080;
  • the probability of growth above 4080 $ is high enough, the coin can jump even higher at the beginning of next week.

On Sunday, the Bitcoin is trading at $ 4060. For the past day, he went up to 4.21 percent.

Technical analysis

The past seven days have been very fruitful for traders. Bitcoin began to move up and managed to grow by almost a thousand dollars. Cryptocurrency successfully managed to fixate above the resistance zone of $ 3750 and continued growth. After some time, the asset has formed a new local maximum at the level of $ 4175, followed by a small correction.

The pullback fell below the 3900 dollars, but the line 3780 dollars was a good support. After the new rebound on 4-hour chart cryptocurrencies began to take shape symmetrical triangle. This figure is neutral, that is, there is now an equal probability of breaking both down and up.

Source: NewsBTC

So now traders need to keep track of two price levels — 4175 and $ 3780. The break of the first will lead to rapid growth and will be a good signal for opening long positions. After falling below 3780 dollars you can open shorts. While technical indicators suggest further growth. MACD gradually enters a bullish zone, and RSI is still not close to oversold.

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