Bitcoin Bounces Back to $4,000

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.