Bitcoin Price Analysis: BTC Surges To $3,802, Creating Fresh February Highs
The Bitcoin market had seen a surprise price surge on February 8, 2019 when the coin had surged by a total of 11%, allowing price action to reach a peak of $3,802 before stalling.
After an extended period of downward price movements, it seemed that price action would continue its bearish trend and create fresh lows beneath the $3,421 handle.
The recent price surge has now brought Bitcoin up by a total of 5.43% over the past 7 trading days as the cryptocurrency trades around a price of $3,695, at the time of writing.
Since our last BTC price analysis, the market had held at the support identified at the short-term downside 1.618 Fibonacci Extension level priced at $3,421.
The market then proceeded to rally aggressively on February 8, 2019 as the market stormed through major resistance at the $3,500, $3,600 and $3,700 handles in a few short hours and created a fresh price high for the market during February 2019.
Price action then met strong resistance at the short-term.5 Fibonacci Retracement level priced at $3,802 before the market rally halted and reversed.
If the sellers regroup and push price action below the current support at the $3,664 handle, we can expect immediate support beneath to be located at the $3,590 handle, closely followed with more support at the previous short-term downside 1.272 and 1.414 FIbonacci Extension levels, priced at $3,569 and $3,508 respectively.
The recent price surge has caused the market trend to shift from a bearish trend into a bullish trend in quick succession. The break above the $3,569 handle is what had rendered the market as bullish as price action created a higher high.
For this bullish trend to continue, we would need to see price action break above the $3,802 handle. If the market drops below support at $3,664, this will render the market as neutral.
Yaz Sheikh’s original article for investinblockchain.com reduced by 75%
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