Bitcoin Bounces Back to $4,000 by FX Leaders
Bitcoin has Bounced

Bitcoin Bounces Back to $4,000

Posted Friday, December 21, 2018 by
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.

 

Bitcoin Technicals

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.

BTC
BTC – 240min.
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About the author

Rowan Crosby is our Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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