BTCUSD Forecast: Bitcoin Price Might Rally Above $4,400 Resistance

December 21, 2018 AtoZ Markets  Bitcoin and altcoin markets are about to end a difficult year that has wiped some 80% from the value of Bitcoin and even more from some of its biggest rival coins. Bitcoin price which fell to yearly lows of around $3,200 earlier this week has rebounded and climbing back above $4,000 handle.

Since last week, the price of the coin has jumped by $ 756.67 (22.94%) with a total volume of over $ 2.80 Billion. The highest price, $ 4,247.71 , was on 21 December 2018 at 03:00 GMT while the lowest price, $ 3,169.53, was on 15 December 2018 at 17:00 GMT.

Bitcoin Technical Analysis

Looking at the charts, there was a break above the $4,000 level in Bitcoin price against the USD. The BTCUSD pair even broke the $4,050 and $4,100 resistance levels. Also, a new weekly high was formed at $4,247.71 and later the price corrected lower. It moved below the 23.6% Fibonacci retracement level of the last leg from the $3,657 swing low to $4,247.71 high. The price of the coin even broke the $4,000 support, but it is currently well above the 100 hourly SMA.

The 50% Fibonacci retracement level of the last leg from the $3,657 low to $4,247 high is currently preventing losses near $3,910 level. Moreover, yesterday’s key bullish trend line is in place with support at $3,850 mark on the hourly chart of the BTCUSD pair. Therefore, the price of the coin is likely to find a solid support near the $3,850 level. If there is a downside movement, Bitcoin price might decline towards the key $3,700- $3600 support. The next support is near $3,605 and the 100 hourly SMA, followed by the main support is at $3,423.

Bitcoin price is currently consolidating gains above $4,000 levels. It might decline a few points towards $3,700 or $3,900, but the price is likely to bounce back after a small correction. On the upside, the key resistances are $4,400 and $4,580 levels.

Bitcoin Pivot Points

Bitcoin price has a significant daily support near $3,910 level and resistance near $4,400 level.

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