- The bullish correction today has reinforced the short-term bullish outlook.
- Bitcoin to defend support at $4,055 in the coming sessions today but the upside will remain capped at the 5-week high ($4,100.76).
Bitcoin bullish bias continues to send the crypto above key barriers. BTC/USD has not only corrected above $4,000 this week’s high but also hit a 5-week high around $4,100.76. It is also up 1.77% on Friday following a +70.944 relative price change on the day. The bullish correction today has reinforced the bullish outlook that was staged Bitcoin recovered from a low around $3,850. The short-term bullish is likely to vanish if Bitcoin is not able to close the session today above $4,055 (March 21 high).
Meanwhile, Bitcoin is changing hands at $4,081 and as per the data on the confluence detector tool, it is trading above a major resistance ($4,013.40) which is now working as support. The path to the upside is quite clear except for some weak hurdles at $4,098.20 highlighted by the 10 SMA 15′, previous high 15′, Bollinger Band 1-hour upper and Bollinger band 4-hour upper.
It is important that Bitcoin corrects above this level to maintain the short-term bullish bias. The buyers should expect more resistance at $4,140.60, $4,183 and $4,225.40.
According to the tool, BTC/USD is strongly supported suggesting a continued uptrend in the short-term. Initial support is seen at $4,05580 with a confluence of indicators like the 5 SMA 4-hour, 50 SMA 15′, pivot point 1-day R2, 161.8% 1-day,10 SMA 1-hour as well as the pivot point 1-week R1. The resistance turned the strongest support at $4,013.40 will prevent declines towards $4,000. In case of a reversal below $4,000 other support areas include $3,97, $3,886.20, $3,801.39 and $3,674.19.
Prediction: Bitcoin to defend support at $4,055 in the coming sessions today but the upside will remain capped at the 5-week high ($4,100.76).
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