The bulls may be back in town as Bitcoin is now up 12% over the past 30 trading days. The cryptocurrency is currently trading at $3951 (BitFinex) and looks to be making its way back above $4000.
BTC now holds a $68.69 billion market cap value as the cryptocurrency heads toward $70 billion.
Bitcoin Price Analysis
BTC/USD – 4HR CHART – SHORT TERM
What has happened since our last analysis?
Since our last Bitcoin analysis, we can see that the market has continued to trade sideways along the .382 Fibonacci Retracement level (drawn in green) priced at $3946. The market had managed to reach a high of around $3986 but was swiftly blocked from climbing higher.
What Is The Current Short Term Trend?
If the market can get back above $4000 then we can consider the short term trend as bullish once again. At this moment in time, the short term trend is currently neutral.
Where Is The Market Likely To Head Next?
If the buyers can manage to continue to climb higher and break above the bearish .618 FIbonacci Retracement level (drawn in red) at the $4000 level, we can expect immediate resistance above to be located at the $4025 level.
Further higher resistance above is then located at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $4215. Resistance above this is then located at the 1.414 Fibonacci Extension level (drawn in orange) priced at $4318.
The final level of resistance above to highlight lies at the 1.618 Fibonacci Extension level (drawn in orange) priced at $4450.
What If The Sellers Step Back In?
Alternatively, if the sellers regroup and begin to push the market lower, we can expect immediate support to be located at the .5 Fibonacci Retracement level (drawn in green) priced at $3842. This is followed with more support at the $3800 level.
If the sellers continue to drive the market beneath $3800, more support is then located at the .618 and .786 Fibonacci Retracement level (drawn in green) priced at $3739 and $3591.