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Technical analysis

Is Bitcoin price eyeing the $4,200 mark?

Amandeep Sonewane | Feb. 21, 2019
Is Bitcoin price eyeing the $4,200 mark?

February 21, 2019 AtoZ Markets  - Bitcoin has shown signs of improvement lately, experiencing notable price gains and robust sentiment. Bitcoin prices have rallied recently, climbing more than 10% in a week. The world's largest virtual currency by market value surged to as much as $4,025 earlier today. Moreover, the overall cryptocurrency market cap climbed over 10% from $121.5 billion to $133 billion, as per coinmarketcap stats.

From last week, the price of the coin has moved by $ 344.20 (9.56%) with a total volume of over $ 1.40 Billion. The highest price, $ 4,026.54, was on 21 February 2019 at 08:00 GMT while the lowest price, $ 3,567.39, was on 14 February 2019 at 13:00 GMT.

Bitcoin price analysis for the short term

Looking at the yesterday's technical chart, Bitcoin price went a little downwards from the $3,975 swing high against the USD. The price of the coin traded below the $3,900 support level, however, strong support was formed near to the $3,860 level. Afterward, the price began a crisp upward move. There was also a break over a bearish pattern line at $3,900 level on the hourly chart of the BTCUSD pair.

Later on, the BTCUSD pair settled over the $3,920 level and traded near the $4093 resistance level. Bitcoin price is at present merging below $3,950, with a bullish edge. The present price of the coin activity is sure and it appears there might be more increases above $4,093 and $4132 resistances in the short term. However, an effective break over the $4,093 resistance is a must for an upside move. The next major resistance is around $4,200 handle.

On the downside, the support is around $3,900 mark. If bitcoin price falls below the pattern line, it might test the $3,830 and $3,800 weekly support levels. The last support is at $3,800 and the 100 hourly SMA.

To sum it up, bitcoin price is in a highly bullish momentum over the $3,900 and $3,860 supports. Along these lines, there are high probability of more upsides over the $4,150 and $4,200 level.

Bitcoin daily Pivot points

Bitcoin price has significant daily support near $3,990 level and resistance near $4,093 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.