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The price of bitcoin recently tested the resistance zone from $ 3,950 to $ 4,000.
There is a resistance triangle of $ 3,800 on the BTC / USD time chart. prepare for a break greater than $ 3,800.
Price Analysis
After testing the support at $ 3,650, the price of bitcoin returned above $ 3,700. The BTC / USD pair broke through the resistance level of $ 3,800 and the simple 100-hour moving average. There was even a rise above $ 3,900 but the price was not going up.
There was no clear break above the $ 4,000 resistance and thereafter the price fell below $ 3,800. The price is currently recovering and is above the $ 3,700 level and the Fibonacci withdrawal level of 50%.
However, the resistance of $ 3,800 is an obstacle for buyers. In addition, the Fibonacci retraction level of 61.8% also prevents gains.
Initially, there is currently a trend with resistance of $ 3,800 on the BTC / USD time chart. To continue to rise, the price should break the resistance levels of $ 3,800 and $ 3,900. Finally, a break above $ 4,000 could pave the way for a bullish movement.
Looking at the graph, the price of bitcoin seems to place the next range above $ 3,800 or below $ 3,700. A significant drop above $ 3,800 to $ 3,900 is possible, provided that the price is above $ 3,700 and 100 MM.
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