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Technical Analysis: Bitcoin Looks to Test $4000 Level Again

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Bitcoin is approaching the $4000 level again, a price not seen since September 14th despite having a lot of downward pressure recently.

Investors and miners in China are waiting to see exactly what will pan out following news that the country’s exchanges will be shutting down operations later this quarter, while Jamie Dimon has publicly spoken out against cryptocurrency yet again.

Yet, despite all of this, we have started to see a climb towards key support and resistance levels following the correction that occurred last week.

Since Friday, bitcoin has been hovering around the $3600 – $3800 range, and just today popped through $3900 and is currently sitting at $3922 at the writing of this article.

Looking at the chart from our bitcoin price and chart page, we can see clear resistance levels when approaching $4000 – $4100, and again more downward pressure at $4400.  However, the recent trend line we are seeing is indicating that we will see a push to test $4000 at the very least.  If the $4000 levels hold, $4400 and $4700 are definitely within close reach and we could see those in the upcoming days.

Failure to hold $4000 will result in a drop back to $3800, and then again to $3500 if $3800 is chipped away.  This would indicate a reversal is in effect, and we could even see additional negative pressure with a slide all the way back to $2980, the low from September 15th.

Barring an extreme reversal, I am still of the opinion as well as this chart would indicate, that we will see $5000 by year’s end.

Stay tuned for further analysis of bitcoin and other crypto coins throughout the week!

In coin we trust.

-Richard Paulis

 

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