Bitcoin Price Analysis: BTC/USD halted at stumbling block, its fly or sink here

Bull run halted just for the moment by near-term resistance seen at $4350-450 price region.
A failure to break above the mentioned area, could see the price falling back towards the recent bottom area of $3500.

Ken Chigbo Independent Analyst

The Bitcoin price seen up holding decent gains in the latter stages of trading on Wednesday, 11.5%. Bulls were stopped short by a strong near-term area of resistance, seen within the $4350-450 price region.

Should the bulls manage to breakdown the mentioned resistance, there will be some room for some chunky upside movements. There isn’t much in the way of reclaiming the big psychological $5000 mark.

A failure to break through and push above the mentioned area of resistance, then BTC/USD could see its recent gains completely reversed. The price could be forced to retreat back down at the recent bottom area of $3500.

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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