Bitcoin bulls aim to close the week above $4,000: Will this bullish momentum yield?
- Bitcoin closes the week’s trading in the green above $3,900.
- Technical levels are still positive ignoring the retracement from February 2019 highs.
Bitcoin price trend on February 22, 2019, shows that bullish momentum is building and BTC/USD could break $4,000 barrier in the coming sessions. Despite the incredible performance of Bitcoin and even the entire market, most assets have not been able to break past key resistance areas. Bitcoin staled short of $4,000 while Ethereum about turned on hitting the levels slightly above $150. Ripple, on the other hand, has been lethargic above $0.32 after failing to correct above $0.35.
Bitcoin is dancing at $3,940 at the time of writing. Most indicators are pointing upwards after the retracement on Thursday. The Relative Strength Index (RSI) has slipped below the oversold but it is a higher level compared to the levels it was last week. Moreover, the RSI has revamped its direction upwards and could be re-entering the overbought in the short-term. The stochastic in the same 4-hour range is heading north after almost brushing shoulder with the oversold.
A correction above $4,000 will place Bitcoin on a journey to break barriers towards $4,200 (December 2018 resistance). Bitcoin has the potential to correct above $4,500 and bring $5,000 in sight as long as the price can stay above $4,000.
BTC/USD 4-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
