Uptrend on Bitcoin Price Intact But Can It Rally Past $7,400.00 After Getting Rejected Twice?

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Written By: Angeline Feliciano

Apr 21, 2020, 05:56 BST 05:56

Bitcoin price

Summary:

Bitcoin price has enjoyed a steady bullish run since the middle of March. The rising trend line is still intact but can it rally past $7,400.00 this time?

Bitcoin price has been on a steady uptrend since mid-March. Its uptrend becomes evident when you connect the recent lows on the 4-hour time frame of BTCUSD from March 23, March 30, and April 16. A closer look would also reveal that the cryptocurrency seems to have found support at the rising trend line. If this assumption turns out to be true, we could soon see bitcoin price rally to near-term resistance around $7,400.00 where it topped on April 7. If there are enough buyers in the market, the cryptocurrency may even rally past this high.

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However, it’s worth noting that on the daily time frame of bitcoin price, it can be seen that the cryptocurrency seems to have gotten rejected at the 50% Fib level twice (drawing the Fibonacci retracement tool from the high of February 13 to the low of March 13). This price, around the $7,400.00 handle, also coincides with the cryptocurrency’s previous lows in late December to January. A close below the low of April 16 at 6,456.00 would effectively break support at the rising trend line on the 4-hour chart and suggest that sellers are dominating. It’s not impossible then for us to see BTCUSD fall to its March 13 lows at S3,858.00.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.