Bottom Line
- Bitcoin rate acquired speed just recently and broke the $3,580 and $3,780 resistances versus the United States Dollar.
- There is a significant balanced triangle forming with resistance at $4,080 on the 4-hours chart of the BTC/USD set (information feed from Kraken).
- The set is most likely to break the $4,080 and $4,150 resistance levels to rally towards $4,500 or $5,000
Bitcoin rate is put in an uptrend above $3,580 versus the United States Dollar. BTC/USD is most likely to extend the present bullish wave towards $4,500 or $5,000
Bitcoin Rate Analysis
This previous week, bitcoin rate began a solid upward move above the $3,200 resistance versus the United States Dollar. The BTC/USD set rose above the $3,580 and $3,780 resistance levels. There was even a close above the $3,780 barrier and the 100 basic moving typical (4-hours). An intermediate high was formed near $4,175 and just recently the rate fixed lower. It broke the $3,900 level, however the $3,780 level functioned as a strong assistance.
The rate began a fresh advantage and broke the $3,900 resistance. It even broke the 50% Fib retracement level of the current decrease from the $4,175 high to $3,778 low. More notably, there is a significant balanced triangle forming with resistance at $4,080 on the 4-hours chart of the BTC/USD set. The triangle appears to be a bullish extension pattern towards the $4,175 and $4,300 levels. An effective break above the $4,100 and $4,150 levels is required forfurther gains As soon as there is a break above $4,175, the rate might rally towards $4,500 or $5,000
Taking A Look At the chart, BTC rate stays well supported on dips near the $3,900 and $3,780 levels. As long as there is no close above the $3,580 pivot, the rate is most likely to rise towards $4,200, $4,500 and even $5,000
Taking a look at the technical indications:
4-hours MACD– The MACD for BTC/USD will move into the bullish zone.
4-hours RSI (Relative Strength Index)– The RSI is well above the 60 level.
Significant Assistance Level– $3,780
Significant Resistance Level– $4,175
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