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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