Over the last week, there hasn’t been a lot of interest going on. We’ve been trading in the “dumb zone” and there hasn’t been a lot of speculation for Bitcoin price, but there’s always something to look out for in the market. Litecoin, however, has been trading beautifully in an ascending channel.
We want to see Bitcoin break out of the $4000 and then $4140 zone; then it will be breaking through the resistance. Over the next couple of months, we want to see Bitcoin test $4400. For now, however, we really want to see the support stay at $3920, which is the resistance that Bitcoin just broke through. If it could hold this as support for now and we trade sideways, then this is huge and we’re be looking at the next short explosive spike.
For a short-term bullish price recovery, we want to see Bitcoin do this: Break through the resistance, trade sideways for a bit, then break through the next zone. If this happens, it will be a lot more difficult for the bears to break Bitcoin down….
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