In our previous forecast, it was expected the price could move lower for the final dip before the break. It did not happen and price breaks its resistance line of falling wedge and bounces high. Current market price is 10750$.
The main trend resistance is at 12700-900 level and we will not consider this move as a bullish trend until the price breaks its main resistance channel line Drawn RED LINE in the chart below.
The Two Main Thoughts Bitcoin Price Predictions
1. Price is at its first resistance level, it can fall from its current level 10750 towards minimum 8000$
2. If price fails to reverse at this level then the main watching area is 12700-800 and the red resistance line I have mentioned in the chart. This resistance line is the watching area to confirm either the price will fall back or it will move higher towards the new peak.
For longer-term traders who are expecting bitcoin price to give new high will have to watch this red line resistance level to confirm the price direction. Break of resistance will also be the signal for the longer-term bullish move. As long as the price is moving below the resistance line, we will consider its bearish trend.
Bitcoin 4-Hour Price Predictions Today Chart
Resistance 2: 12700-900 ( Watching area )
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com