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The price of bitcoin finally came out of a ten-day consolidation above $ 3,500 this morning, after maintaining the 38.2% retracement level for most of last week. We are looking at what it means to get into the week.
Bitcoin Price: Weekly Chart
Bitcoin weekly price 00 The graph shows that Bitcoin bulls defended the previous USD 3536 resistance, turning it into support and never having to rely on the 200-week MA, which is rapidly increasing to reach key support levels over the past few years. two previous weeks.
Despite the $ 3625 weekly candle closure, the bulls went to work early Monday morning, hitting a local high of $ 3,727 at the time of writing.
Daily table
The daily chart reveals a clearer picture of what lies ahead for the Bitcoin price. A close above $ 3,700 today would mean that BTC / USD has managed to break a significant horizontal and diagonal resistance and pave the way for a new test of the 4 highs of 2018, at $ 4,000.
This is a noticeable increase in the profile of the CMF, which is still showing higher troughs, which, as reported last week, implied buying pressure in this market. It had now managed to find support and stay above zero for the first time since September 2018.
If the Bitcoin price were to reach 4,000, this would result in a lower trend in Adam and Eve's shares, which could open the door to much higher prices at around $ 5,000.
However, we must note that this has repeatedly failed in the bear market and that it is somehow a meme among traders. We would like to see a net break of $ 4,000 while the previous resistance was based on a new attempt, as we just saw at $ 3,500 to give the bulls a bit of confidence.
4 hour chart
By plunging deeper into the 4-hour calendar, we find that the breakout in BTC price generated a good volume, the first goal to maintain Monday being $ 3,700.
If Bitcoin manages to push out of the $ 3,700 range, it would mean the completion of an inverted head and shoulders with shorter delays, the goal being 1,618 Fibonacci 3940 and 4040 USD . This would complete the same Adam and Eve discussed earlier.
If you can not find support at $ 3700, the complete retracement of the move may be worse. As a general rule, a failure would result in a quick move in the opposite direction, but that seems unlikely given the support duration of $ 3,500, but that should certainly not be ruled out at the moment.
All in all, the start of the week will be very positive and all eyes will be on the cost is the United States, to take the torch and raise the price of Bitcoin to the next stage of this upward movement.
Trade bitcoins, litecoins and other encrypted currencies on the Bitcoin forex evolve.markets online trading platform.
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The views and opinions of the author should not be construed as financial advice. For disclosure, the author holds Bitcoin at the time of writing.
Images courtesy of Tradingview.com, Shutterstock
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