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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