Bitcoin price is up 1.7% for the week heading into Easter weekend. Let’s take a look at the price action to see if BTC/USD will press higher.
Bitcoin Price 4-Hour Chart
The 4-hour bitcoin price chart paints a picture of consolidation preceding a definitive move. With weekly highs of $5308 hit overnight and lows of $4950 rejected on Monday, bitcoin trading today at $5250 illustrates bitcoin’s intentions are to move higher in the short term.
The weekly opening of $5167 is now the first line of defense for the bulls. This level was broken and retested yesterday before being sharply rejected preceding a move to new weekly highs – a good sign for higher prices in the back end of the week.
If bitcoin price 00 can establish itself above $5150, it is probable that the monthly and yearly high of $5465 will be tested before the end of April.
The 4-hour MAC-D is above zero and still crossed bullish above its signal line. But it is printing lower highs on the histogram, which does imply that the move overnight is running out of…