{"id":373012,"date":"2019-02-28T06:30:34","date_gmt":"2019-02-28T06:30:34","guid":{"rendered":"https:\/\/wncen.com\/?p=373012"},"modified":"2024-06-11T12:57:03","modified_gmt":"2024-06-11T12:57:03","slug":"bitcoin-price-watch-btc-could-rally-above-4000-if-it-breaks-3900","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-could-rally-above-4000-if-it-breaks-3900\/","title":{"rendered":"Bitcoin Price Watch: BTC Could Rally Above $4,000 If It Breaks $3,900"},"content":{"rendered":"
Bitcoin price tumbled below $3,700 and later recovered sharply against the US Dollar. BTC is pointing bullish signals and it could continue to rise towards $4,000 in the near term.<\/em><\/p>\n Yesterday, we discussed the chances of more losses<\/a> if bitcoin price breaks the $3,750 support against the US Dollar. The BTC\/USD pair did break the $3,750 support and declined below the $3,700 level. There was a sharp downward move and the price tested the $3,650 support. A new weekly low was formed at $3,653 and later the price bounced back. The recent recovery was strong as the price climbed above the $3,750 and $3,760 resistance levels.<\/p>\n There was a break above the 61.8% Fib retracement level of the recent decline from the $3,827 high to $3,653 low. More importantly, there was a break above a major bearish trend line with resistance at $3,785 on the hourly chart of the BTC\/USD pair. It has opened the doors for more gains above the $3,800 level. BTC is currently trading above the 76.4% Fib retracement level of the recent decline from the $3,827 high to $3,653 low. Therefore, there are chances of more gains above the last swing high at $3,827. An immediate resistance is at $3,830 and the 100 hourly simple moving average<\/a>.<\/p>\n If there is a break above the 100 hourly SMA, the price could climb towards the $3,860 resistance. A successful close above $3,860 and $3,900 will most likely set the tone for a rally towards the $4,000 resistance. In the mentioned case, the price may even climb above $4,050. On the other hand, an initial support is at $3,760, below which the price could test $3,700.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n