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How Bitcoin Price Action May Unfold in the Days, Weeks Ahead

How Bitcoin Price Action May Unfold in the Days, Weeks Ahead

Paul Robinson, Strategist
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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 daily chart

BTC/USD 4-hr Chart

btc/usd 4-hr chart

BTC/USD Chart by TradingView

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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.

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