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Technical analysis

Bitcoin Analysis: Price Surges 10% Toward Possibly Bullish Movement

Amandeep Sonewane | Nov. 29, 2018
Bitcoin Analysis: Price Surges 10% Toward Possibly Bullish Movement

November 29, 2018 AtoZ Markets  - Bitcoin's price on Yesterday saw the arrival of bulls as it surged more than 10% in an impressive rebound action. After suffering a major bearish attack for several days, Bitcoin price has finally recovered more than 8% in the last 24 hours with the price rising up to $4403. The major support for Bitcoin is now at $4000 level with a most needed recovery in the last 24 hours.

Following Bitcoin, other major cryptocurrencies such as Ripple and Ethereum also started to gain bullish momentum with a rise of over 6 percent and 8 percent. Ethereum is trading around $120 mark and breaks yesterday’s resistance of $110.

Bitcoin Technical Analysis

On the weekly charts, Yesterday the Bitcoin price has made a decent recovery above the $3,800 and $4,000 resistances against the USD. The BTCUSD pair tested the $4,050 level and later corrected lower. Finally, there was a fresh bullish move and the Bitcoin price broke the $4,080 resistance level. The price of the coin climbed further higher and traded above the $4,200 and $4,260 levels. A new intraday high was formed at $4,400 level and the price of the coin settled above the 100 hourly SMA.

Later, the price of the coin corrected lower and traded below the $4,200 mark. Also, there was a break below the 23.6% Fibonacci retracement level of the last wave from the $3,550 lows to $4,570 highs. However, there are decent supports formed near the $4,100 and $4,000 levels.

Moreover, there is a short term bullish trend line formed with support at $4,050 on the hourly chart of the BTCUSD pair. Below the trend line, the next support is at 50% Fibonacci retracement level of the last wave from the $3,550 lows to $4,570 highs.

In conclusion, Bitcoin price remains well supported above the $4,000 and $4,080 level. As long as the price is above the 100 hourly SMA, there could be more bullish momentum above the $4,260 and $4,400 levels. On the downside, the main supports are at $4,080 and $4,000 levels.

Bitcoin Pivot Points

Bitcoin price has a significant support near $4,000 level and resistance near $4,500 level.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.