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

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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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, nor should they be attributed to AtoZMarkets.

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