Bitcoin Bounces Back to $4,000
Rowan Crosby • 1 min read
Bitcoin’s wild ride has continued in the last 24 hours and now price is back testing the $4,000 level.
It has been a stark turnaround for the cryptocurrency since it bounced nicely off the lows at around the $3,100 mark and failed to test key support at $3,000.
BTC is up more than 25% just this week in what has surprised many, including myself.
However, I feel that unless we something big on the news front, we might have a tough time holding these prices. We have popped up higher than $4,000 recently but we couldn’t really spend any time there. Which is a clear sign of weakness.
As it stands, resistance at $4,500 is my focus now as we really need to see how price will respond in the next 24 hours.
I think there might be some profit taking here given the size of the move.
R1 is at $4,400.
The $3,000 level, is still my target, but with BTC anything appears to be possible in the short-term.