Bitcoin Price Analysis: BTC/USD finds big buyers after bouncing off important near-term trend line

Bitcoin traded up over 9% in the late part of Friday, after sudden surge higher.
BTC/USD found big buyers at a trend line, that has been running since 16th December.

Ken Chigbo Independent Analyst

The Bitcoin price late on Friday was seen holding up gains just shy of double-digits, up some 9% late in the session. A chunky amount of renewed bidding kicked into BTC/USD well into the second half of the day.

An ascending trend line can be seen via the 4-hour chart view, which has been running since the 15th December. BTC/USD was forced to retreat back down at this area of support in the early hours of Friday, however big buying came into play as the price touched the trend line again.

The next major challenge near-term for the bulls will be to breakdown supply seen just ahead, this is tracking from 4200-300 price region. Should BTC/USD move north of this, then $4500 and finally $5000, as upside targets.

BTC/USD 4-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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