The Bitcoin (BTC) price at the time of writing is around $13,700. We look at the charts and discuss the possible scenarios, read the update here!
Bitcoin price update
With an upward trend and a $14,000 test, we can now speak of a very strong uptrend in Bitcoin’s current share price. A first test of this tipping point at which the price has suffered significant losses in the past may be a step towards a new all time high.
But before we think of such increases, the price has to take an important step.
The continued rise of Bitcoin’s price is a good sign and we can see that bulls are stronger again after a long time since Bitcoin’s first big bull run.
With a rapid rise towards the $14,000 mark with no real expected consolidation, we can expect more movement soon. The price doesn’t seem to be sitting still, and can only make a long-awaited breakthrough through $14,000.
Bitcoin price 4-hour chart
In order to get a somewhat better picture in the short term, this time, for the sake of clarity, we take the 4-hour chart from Bitcoin. Here we see a bit more movements than the day graph and also more clearly the current support and resistance regions. This gives us a somewhat better picture of the current state of affairs.
The current 4-hour chart of Bitcoin Cycle shows us a nice upward trend. The current 4-hour chart of Bitcoin shows us a nice upward trend, where the resistance does not really hold for long and we continue to rise rapidly so far. With a strong resistance around $13,800, we see that the price is going to get a bit more resistance.
The first test at $14,000 has a slight decline and with the current price high in the $13,700 we see that this resistance is currently holding up.
$14,000 is an important point
Despite the fact that $14,000 is an important life, and the course here has failed a test. Bulls haven’t been able to hit back yet and the pullback is very limited. An increase by $14,000 in the short term is therefore not a bad idea. And there is a considerable chance that we will see more action around this price in the coming week.
So again the price looks very bullish and with an approaching weekend we see plenty of chances for a new rise in the coming week. With $14,000 as the first target, followed by probably another rise to high in the $14,000.
As unfamiliar territory approaches, it becomes difficult to predict new resistance. As we approach unknown territory, it will be difficult to predict new resistance, especially given the parabolic rise in the previous bull run.
What will bitcoin do?
All in all, an exciting and fun time. With enough support on the way to $13,000 and $12,000. Whereby we are most likely to go up to $14,000 and through.
The road to a new all time open light closer than ever, and we’ll soon see how much strength Bitcoin is able to break up.