Will bitcoin overcome $4 ' 000 this week?

[Paha87]

Since the bitcoin price ended last week with a strong upward movement, we'll see what that means for the bulls and bears this week.

On a weekly basis

Bitcoin ended the week at $ 3 '650 (+6.9%) after the price found support on a 50-week moving average that created support for a move above $ 3'300. The formation of the candle at the close was a bullish engulfing, indicating insufficient strength on the part of the bulls over the weekend.

Despite the strength of the movement, breaking through the resistance of 3 '550 dollars, the price of bitcoin could not move to the final goal to reach a higher maximum above 4'000 dollars. The bulls will be looking for opportunities to recover after the inevitable profit after movement in the late Pressley weeks.

On a daily basis

If you look at the daily chart, last week the movement of bitcoin was limited to buying a combination of a decrease in diagonal resistance and horizontal resistance at the level of 3'700 dollars.

Now this is a critical level that needs to be overcome to prevent BTC from falling into a trap inside another bearish triangle that would drop the price below $ 3'000 and most likely prolong the bearish market for a few months.

Consequently, bulls will probably need to set a higher minimum somewhere between 78.6% and 50% of the $3'400 rollback and $3'500, respectively. This move should go with a large bullish volume to get the bitcoin price out of the bearish triangle and avoid re-testing the lows in the $ 3'000 area.

4-hour chart

If you look at the 4-hour chart, it turns out that BTC received a bearish bias on Monday after the bulls did not accept attempts to gain a foothold closer to $3'700 on Sunday evening.

The chart begins to seem too familiar, as the so-called "Bart" pattern, implying the risk of decline.

On the other hand, if the current price movement can resolve into a bullish momentum on Tuesday, when closing above previous highs, the resistance to overcome $4'000 will be small, because the movement is limited to only $3'760 and $3'950.

Link - https://altstake.io/news/preodoleet-li-bitkoin-4000-na-etoy-nedele