Bitcoin price may have its high at $4,237 in case the demand level of $3,679 holds and the Bulls gained enough momentum. Also, the BTC price will find its low at $3,247 if there is a breakdown of the $3,679 price level.
Bitcoin is trading at $3,570 Thursday, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
In case the demand level of $3,679 holds and the Bulls gained enough momentum, there will be a bullish rally towards the resistance levels of $4,237-$4,692. The breakdown of the $3,679 level will return the Bitcoin price to the previous low of $3,247.
By Feb 7, the BTC is continuing to go down, trading at around $3,445.90, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Further declination of Bitcoin price depends on the Bears’ pressure as a new daily bearish candle is emerging and this may push the coin to bottom at the demand level of $3,247.
Should the bearish pressure increases, Bitcoin price will find its previous low of $3,247 and in case the bulls defend the previous low level and the BTC price bounces the bulls may take over the market.
The strong bearish daily candle that broke down and closed below the $3,679 price level yesterday, followed by another bearish candle today implies that Bitcoin may find support at the previous low of $3,247.
If the bears maintain their bearish momentum the previous low of $3,247 price level may be the target of Bitcoin.
The bullish rally of the Bitcoin price is not certain until the coin breaks out at the resistance level of $4,249 and retests the level.
The bearish candle will have to penetrate and close below the support level of $3,679 before BTC price will experience bearish breakout and this may return it to its previous low of $3,247.