- Bitcoin price managed to defend the support at $3,800 is trending 0.25% higher Thursday.
- Bitcoin could easily zoom above $4,200 and focus on $4,500.
The mixed red and green situation in the market will not last long as markets begin to revamp the trend. Bitcoin price, which has managed to defend the support at $3,800 is trending 0.25% higher Thursday. Other assets following in the footsteps of BTC/USD include Ethereum up 0.11%, Litecoin up 1.94%, EOS up 1.46%, Monero up 1.27% and Ethereum Classic up 2.27%.
Bitcoin is expected to resume the uptrend above $3,900 in the short-term; a move that will bring $4,000 critical level insight and even revive the hopes of a correction above the stubborn $4,200 level.
According to the confluence detector, Bitcoin only needs to overcome the resistance at $3,883.70 to ignited gains to higher levels. A broader look at the tool shows few or weak resistance hurdles. The confluence of indicators at the initial resistance; $3,883.70 include the previous high 15-minutes, 23.6% Fibonacci retracement level 1-day and the Bollinger Band 1-hour upper. A correction above this level is expected to face more resistance in a range between $3,923 and $4,004.25. The confluence of indicators at this range includes the Bollinger Band 4-hour upper, the pivot point 1-day R2, the pivot point 1-day R3, the 61.8% Fib level weekly and 23.6% Fibo 1-minute. Above this range, Bitcoin could easily zoom above $4,200 and focus on $4,500.
Meanwhile, support is observed at $3,803.34 highlighted by 23.6% Fibo weekly, the 100 SMA 1-hour, the Bollinger Band 4-hour middle, the Bollinger band 1-day middle, the 5 SMA daily range, the 200 SMA 1-hour, the 50 SMA 4-hour and the 10 SMA daily range.
Bitcoin bulls should ensure that the price does not slide below the support at $3,803.34 because such a move could pave the way for sharp declines towards $3,500 and even breakdown further to $3,000.
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