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- Bitcoin Crawls Higher on Wednesday
Bitcoin Crawls Higher on Wednesday
It was finally a positive day for the
well-known cryptocurrency
today – Wednesday - and the Bitcoin
advanced by 6 percent as it was trading at around 4,600 USD during the London
session.
The first stronger resistance for the Bitcoin
is currently near 4,740 USD and if this level is taken out, further rise toward
the major level of 5,200 USD could occur. However, from a long-term
perspective, staying below the 6,000 USD resistance could still create a
bearish outlook.
On the downside, supports could be seen at
4,450 USD and afterward near the current cycle lows in the 4,200 USD area. If
the price breaks down below this level, the next target for bears might be at
4,000 USD and the downward trend could be confirmed.
Bitcoin remains heavily oversold and
therefore, some short-covering rallies could occur, but as previously
mentioned, the long-term trend remains bearish.
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