mikhem
Long

XBT/USD Summary for End Week 4 - 2019

KRAKEN:XBTUSD   XBT / USD
Is there any hope for a rise in the price of Bitcoin?

Well imo technically there may well be. In the short term I wouldn't be surprised to see a retest of the 3145 low area, however if price doesn't go lower and can break current support at 3518, then an attempt at 6000 and above may well be on the cards. But of course, and as can be seen we have a significant barrier of historic resistance at 6153 which may take some getting through. Ultimately and as hinted at by the Kumo (red) cloud, a longterm base of 8000 may be achievable if all goes well.

The technical analysis can be supported by the recent weakening of the US Dollar . Any weakness here should see Bitcoin move higher. That's quite possible if the trade spat with China is resolved quickly and China gets a grip on its own growth problems. A dovish Fed will also help with downward pressure on the USD



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