How Bitcoin Price Action May Unfold in the Days, Weeks Ahead
BTC/USD Technical Outlook
- BTC/USD in retest mode of the earlier month puke
- A test of big support could be ideal for setting up the upside
BTC/USD puked earlier in the month on a Saturday, and following that it has been in a bit of a meander. What could actually be bullish for Bitcoin, is if it were to actually test the December 4 low or worse, where it could hit significant support around the 40k mark. In the very near-term there is a channel on the 4-hr chart to keep an eye on as a guide to how the retest scenario plays out…
BTC/USD Daily Chart
BTC/USD 4-hr Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.