What is going on now with BTC/USD?
Bitcoin had more than a year of downtrend against the US dollar as indicated on the four-hour chart below from around Feb 2018 following two failed attempts to continue to the upside at 11716.40. However, the latest Bitcoin price action around the beginning of April this year has broken two critical technical price points to the upside, which is the long term resistance trend line and it's 500 moving average in the four-hour chart as indicated below.
My thoughts on what may happen
BTC/USD: Bitcoin continues to progress to the upside since breaking through 4103.00 resistance and its 500 MA at the beginning of April this year. The pair also took out the previous resistance, now turned support at around 4862.80 and currently trades at 5354.20 in the four price chart.
The current support level for Bitcoin at around 4862.80 is now quite critical as we have witnessed its price action in the past three weeks as it tested this level in many occasions and successfully bounced back.
BTC/USD needs to continue and maintain trading activities above 4862.80 support to continue to its next challenge around 5918.20. Failure to hold at its current support could see the pair head back down to 4103.10
Support: 4862.80,4103.10, and 2949.80
Resistance: 5918.20, 6794.50, 7771.40, and 8883.60
We explain, help and guide you to possibly make the right decision on when to enter, apply stop loss to protect your capital, take profit, and exit your position.
Bitcoin had more than a year of downtrend against the US dollar as indicated on the four-hour chart below from around Feb 2018 following two failed attempts to continue to the upside at 11716.40. However, the latest Bitcoin price action around the beginning of April this year has broken two critical technical price points to the upside, which is the long term resistance trend line and it's 500 moving average in the four-hour chart as indicated below.
My thoughts on what may happen
BTC/USD: Bitcoin continues to progress to the upside since breaking through 4103.00 resistance and its 500 MA at the beginning of April this year. The pair also took out the previous resistance, now turned support at around 4862.80 and currently trades at 5354.20 in the four price chart.
The current support level for Bitcoin at around 4862.80 is now quite critical as we have witnessed its price action in the past three weeks as it tested this level in many occasions and successfully bounced back.
BTC/USD needs to continue and maintain trading activities above 4862.80 support to continue to its next challenge around 5918.20. Failure to hold at its current support could see the pair head back down to 4103.10
Support: 4862.80,4103.10, and 2949.80
Resistance: 5918.20, 6794.50, 7771.40, and 8883.60
We explain, help and guide you to possibly make the right decision on when to enter, apply stop loss to protect your capital, take profit, and exit your position.
