Bitcoin Price Hovers Near $4,000 But Analysts Think Crypto Market is Prime for a Rally
Many analysts are predicting an upward trend for Bitcoin this week. It is currently trading at $3,913 and is expected to move over $4,000 and say over there for a few days.
On Friday’s open when the price of Bitcoin was $3960 we have seen an increase at first but a straight downfall from $4021 to where the increase was made to $3851 at its lowest spiked which was a decrease of 4.23%.
After the price fell it started increasing again and came higher than previously to $4045 but when the price ended this bullish upswing the price started declining again and from there came to $3891 at its lowest point today but is currently sitting at $3913.
But as the resistance line is more significant the price respected it more which is why we have seen a rejection at those levels today and the price is in a downward trajectory once more. This correction to the upside if occurs would most likely interact with some of the above-seen resistance levels out of which the intersection between the 0.786 Fibonacci level and the falling wedge resistance line is would be the area of interest.
A series of significant SMA levels including SMA100 and SMA50 (4-hour), SMA200 (1-hour). Fibo retracement levels (38.2% monthly, weekly and daily, 23.6% daily). Once this area is cleared, BTC/USD may proceed towards the next bullish aim at $4,000. This psychological level is strengthened by Fibo 23.6% monthly and a Pivot Point 1-day Resistance 3.
The ultimate near-term resistance is created by $4,150-$4,200 area, which includes the highest level of the previous month and a Pivot Point weekly Resistance 3. Bitcoin is poised for a great bull run later in the year. This Bitcoin bull run will drive the price of all cryptocurrencies up significantly and may even correct the damage done during the cryptocurrency winter according to recent Bitcoin price prediction 2019.