2019-1-7 17:59 |
Bitcoin Daily Chart – Source: Tradingview.com
Bitcoin wrapped up last week on a bullish note with a surge that brought price above $4000.
A surge in Litecoin of over 10% took place prior to Bitcoin, and other major cryptocurrencies appreciating.
Litecoin effectively led the market and has done this also on occasions in the past.
The surge does not necessarily mean that the outlook is bullish from this point. Bitcoin is maintaining above the $4000 level currently trading around $4020.
However, the surge has failed to surpass the previous price high of Bitcoin as indicated by the red arrow on the above price chart.
If price did manage to surpass this high, resistance would be expected around $4350. $4350 to $4550 was an area of significant liquidity where price traded during mid-Novembers bearish crash before following up with another price crash.
Bitcoin 4-Hour Chart – Source: Tradingview.comThe previous price high is highlighted on the 4-hour chart by the red horizontal line.
Yesterdays surge came to a stop before this point forming a lower high.
The surge took place after a rising wedge formed which is a bearish continuation pattern.
If the price drops back below $4000 from here, the next key support level to monitor is $3700.
Overall, the outlook is neutral.
The key levels to monitor to the upside are the previous high around $4240 and expected resistance at $4350 above this. If the price drops back below $4000, $3700 is a level to monitor.
Key Takeaways: Bitcoin surged above $4000 yesterday. This was preceded by Litecoin appreciating over 10%. Although Bitcoin currently remains above $4000, it is not necessarily a bullish outlook from here given that Bitcoin has failed to break its prior high. Resistance is expected at $4350 if the price can rise above its former high. $3700 is a support level to monitor to the downside. Latest Bitcoin News:Will Bitcoin Go Back up Again in 2019 After a Year of Great Fundamentals but Poor Performance?
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Surges Above $4k But Fails to Surpass Former High was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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