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.
Oct 6, 2017 at 1:00 p.m. UTC
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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.
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.
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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.
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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).
STORY CONTINUES BELOW
4-hour chart
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Measurement tools image via Shutterstock
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