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Bitcoin ended last week with a bullish note with a surge that brought the price above $ 4000.
An increase of Litecoin of over 10% took place before Bitcoin and other important cryptocurrencies appreciated.
Litecoin has actually driven the market and has done so on occasions in the past.
The surge does not necessarily mean that the prospect is bullish from this point. Bitcoin is keeping above the $ 4000 level currently trading around $ 4020.
However, the wave failed to exceed the previous high price of Bitcoin, as indicated by the red arrow on the above price table.
If the price had managed to exceed this level, one would expect a resistance around $ 4350. $ 4350 to $ 4550 was a significant liquidity area where the price traded during the middle of November was shot down before tackling another collapse in prices.
The previous high price is highlighted on the 4-hour chart by the red horizontal line.
Yesterday's wave stopped before this point formed a lower minimum.
The wave took place after a rising wedge formed, which is a bearish continuation pattern.
If the price falls below $ 4000 from here, the next key support level to monitor is $ 3700.
Overall, the prospects are neutral.
The key levels to monitor on the upside are the previous high around $ 4240 and the expected resistance at $ 4350 above this. If the price falls below $ 4000, $ 3700 is a level to monitor.
Key Takeaways:
- Bitcoins have risen above $ 4000 yesterday. This was preceded by Litecoin, which appreciated over 10%.
- Although Bitcoin remains above $ 4000, it is not necessarily a bullish prospect from here as Bitcoin has failed to exceed its previous high.
- Resistance is expected at $ 4350 if the price can rise above its previous maximum. $ 3700 is a level of support to monitor downward.
Latest news about Bitcoin:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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