The results of the week: Bitcoin is once again storming the level of $ 4,000

The price of Bitcoin is still in a local uptrend. The main growth of the cryptocurrency did not prevent even the desperate attempts of the bears to regain control over the market. The asset continues to maintain buyers for any minor pullback to $ 3920.

The General situation looks like this:

  • Bitcoin has set a new price record this month in point 4064 dollars and rolled below;
  • on a scale of 4-hour chart formed an uptrend with support in the area 3920;
  • trade BTC/USD continues to bounce from the line 3920 $ 100 moving average SMA.

Today, the average cost of Bitcoin is at a level of 4029 dollars. For the past day the price of the cryptocurrency has not changed.

Technical analysis

This week we witnessed a strong relative upward movement above $ 4,000. BTC/USD for quite a long time trading in the zone above 3,900 USD, while any retracement to this point actively sold out bulls. Unfortunately, they did not have the strength to gain a foothold above $ 4000 completely.

Note that now the Bitcoin price is above the moving average SMA 100 on a scale of 4-hour chart. This can be considered a positive indicator, and signal the continuation of the local uptrend. While kickbacks to the 100 SMA over the rebound, so the line can be considered as the best place to enter long.

Source: TradingView

Looking at the chart, Bitcoin has many chances to grow starting next week. Some lines of support to minimize the risks of falling BTC to $ 3,500, so now is a good time to open long positions. Do not forget about stop loss, we recommend you to place them in the area 3850-3900 dollars.

The readings of technical indicators saying about the “breather bulls” in scale MACD 4 hours chart a little bit to the bearish zone, while the RSI is below average.


Leave a Reply

Your email address will not be published. Required fields are marked *