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Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500
The price of bitcoin is edging up today, but it faces hurdles before it can rise to challenge its recently set all-time highs.
Bitcoin bulls may soon be breathing a sigh of relief.
Having defended the 50-day moving average support, the price of bitcoin rose to a four-day high of $4,407 today. Week-over-week, the bitcoin-U.S. dollar (BTC/USD) exchange rate is now up 5.84 percent.
STORY CONTINUES BELOW
Brushing aside uncertainty surrounding a possible upcoming fork, bitcoin is looking northward ahead of the weekend and, should it cut through key technical hurdles ahead, it could be poised to push higher.
The rebound from the 50-day moving average is encouraging, but the cryptocurrency still faces the following hurdles:
- $4,420 – Resistance offered by the trend line sloping upwards from the September 15 low and September 25 low.
- $4,470 – Monday's doji candle high.
View
An end-of-day close above $4,470 would signal failure of the bearish doji reversal and mark continuation of the higher highs and higher lows pattern. Thus, bitcoin could revisit $4,700, above which a major resistance is seen directly at $5,000 (record highs).
4-hour chart
Measurement tools image via Shutterstock
Pete Rizzo
Pete Rizzo was CoinDesk's editor-in-chief until September 2019. Prior to joining CoinDesk in 2013, he was an editor at payments news source PYMNTS.com.
