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The price of bitcoin rose and traded above the resistance of $ 3,580 and $ 3,650 against the US dollar.
Price Analysis
Yesterday, we found a record price, exceeding $ 3,400.
The price remains in a strong upward trend and could reach $ 4,000 or even $ 4,200. Bitcoin against the US dollar. The BTC / USD pair was traded to the USD 3,600 level and then corrected downwards. However, the declines continued and the price rebounded.
Buyers regained strength and raised prices above resistance levels by $ 3,580 and $ 3,650. He traded for a new weekly high of $ 3,776 and is currently consolidating his gains.
The initial support is close to $ 3,700 and the level of Fibonacci withdrawal is 23.6%. Below $ 3,700, there are many stands close to the $ 3,600 level. There is also an uptrend line formed with USD3,640 support on the BTC / USD time chart.
In addition, the Fibonacci retraction level of 50% is approximately $ 3,608. Therefore, in the event of a negative correction, the price could find support close to $ 3,640 or $ 3,600. Looking at the chart, the price of bitcoin clearly follows a strong upward trend of more than $ 3,580. The next major support is $ 3,300 and the single moving average over 100 hours.
For the summit, a break above the resistance of $ 3,770 and $ 3,800 could release $ 4,000 or $ 4,200.
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