Is Bitcoin Coming Back? Today It Rose by $700...
Bitcoin (BTC) rose by 700 USD today and gained almost 17% in just 50 minutes, without any fundamental catalysts. The first digital currency reached the area near 5000 dollars, then returned to the 4600 USD region. The market is moving, and the situation changes every second...
Chart analysis for Bitcoin
Today at 7 in the morning, BTC/USD broke through two very important resistance obstacles - the descending trend line that started back in March 2018 and a strong price level, the zone of 2019 highs. The breakout of this double resistance zone, the 4.200 USD region, triggered the aggressive upward move.
Thus, today's situation opens encouraging prospects for investors who invested in Bitcoin too late, meaning after the historical highs.
So, at the moment the 4000-4200 USD level already serves as a support zone, and the next problem standing in front of a new appreciation run for Bitcoin will be the 6000-6500 USD resistance level - a very strong price level, which was also the low for the entire year of 2018. Only after BTC breaks upward through this obstacle will we be able to state the beginning of a new uptrend in this cryptocurrency.
On the other hand, if we see a downward break of the support line that began on December 14, currently the 3500 USD region, then the "road will open" toward the 1800 USD regions, then 1000$.
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Translated from the Romanian original with AI assistance.