The Bitcoin bulls have started to wake up once again as BTC surges 3% over the past day. The cryptocurrency is now trading at a price of $3942 on BitFinex after surging over the past few hours.
The market has been pretty static after falling from the high of $4282 (BitFinex) on February 24 2019. Since dropping the market has traded sideways before the recent drop to $3800 where a rebound was seen.
Bitcoin now holds a $68 billion market cap value as the cryptocurrency makes its ways back to the $70 billion range.
Bitcoin Price Analysis
BTC/USD – 4HR CHART – SHORT TERM
What has happened since our last analysis?
Since our last Bitcoin analysis, we can see the market has rebounded from the support at the $3800 area. Price action then had also surged above the resistance at the .5 Fibonacci Retracement level (drawn in green) priced at $3842. The market continued to rise until meeting resistance at the .382 Fibonacci Retracement level (drawn in green) priced at $3946.
What Is The Current Short Term Trend?
The current short term trend remains neutral right now. For the trend to turn bullish we would need to see BTC/USD climb above $4000. If the market was to drop below $3800 we could consider the market as bearish.
Where Is The Market Likely To Head Next?
If the buyers continue to climb higher and break above the resistance at the $3946 we can then expect immediate higher resistance to be located at the bearish .618 FIbonacci Retracement level (drawn in red) priced at $4001. This is followed with more support at the $4055 level.
If the buyers continue to push the market further higher, more resistance lies at the bearish .786 and .886 Fibonacci Retracement levels (drawn in red) priced at $4215 and $4342, respectively.
What if the sellers step back in?
Alternatively, if the sellers regroup and begin to push the market lower, we can expect immediate support below to be located at the .5 Fibonacci Retracement level (drawn in green) priced at $3842. This is followed with more support at $3800.
If the bearish pressure continues to pressure BTC/USD lower, we can expect further support to then be located at the .618 Fibonacci Retracement level (drawn in green) priced at $3739. Support beneath this is located at the .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $3591 and $3504, respectively.