#Bitcoin Price Watch: BTC Primed To Gain Bullish Momentum

December 31, 2018

 

 

Bitcoin price recently tested the $3,950-4,000 resistance area against the US Dollar.
There is a key breakout pattern in place with resistance at $3,800 on the hourly chart of the BTC/USD pair. The price is likely to break the $3,800 and $3,900 resistance levels to trade further higher. Bitcoin price is likely preparing for an upside break above $3,800 against the US Dollar. BTC may climb sharply higher once there is a clear break above $3,800 and $3,900. After testing the $3,650 support, bitcoin price bounced back above $3,700 against the US Dollar. The BTC/USD pair broke the $3,800 resistance level and the 100 hourly simple moving average. There was even a spiked above $3,900, but the price struggled to gain momentum. There was no clear break above the $4,000 resistance and later the price declined below $3,800. The price is currently recovering and it is placed above the $3,700 level and the 50% Fib retracement level of the last wave from the $3,645 low to $3,946 high.

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Bitcoin (BTC) is down 1.89% over the past 24 hours and is currently trading at $3,796.47 on Coinbase. BTC dominance is at 51.9% and the total cryptocurrency market cap is currently at $127.7 Billion. 

 

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