- Bitcoin price climbed higher sharply and traded above 250.00 before finding sellers.
- The price is currently correcting lower and heading towards an important support area.
There was a nice bullish ride during this past week, as the Bitcoin price traded as high as 257.00 where sellers stepped in to prevent further gains. There is a critical bullish trend line formed on the 4-hours chart, which is likely to act as a barrier for sellers if the price moves lower from the current levels. The price closed around the 38.2% Fib retracement level of the last wave from the 219.00 low to 257.00 high, which is also coinciding with the Lower Bollinger Band. There is a chance of a spike lower towards the highlighted bullish trend line, i.e. positioned with the 50% Fib retracement level. So, there is a major support forming around 240.00 where buyers might put up a fight.
Trend Line Break
A break below the highlighted trend line could ignite more losses in the near future. However, there is one more support building around 100 simple moving average (4-hours). There are a couple of bearish signs emerging on the 4-hours chart, including the fact that the RSI is below the