Bitcoin price surged 11% after being led by Litecoin’s impressive 30% move earlier in the day. The cryptocurrency market is also up 10% as a whole at the time of writing.
Bitcoin Price: 1 Day Chart
As Bitcoinist reported on Monday, we were expecting a volatile week and as Friday came it did not disappoint, with Bitcoin price [coin_price] blasting out of its descending wedge, through resistance at $3500 and hitting the $3700 target, which we have been watching for some time.
This level represents a significant level where the horizontal resistance at $3700 meets the descending diagonal resistance, so going into the weekend, BTC will have work to do if we are to see a push towards $4000.
Weekly Chart
A weekly close above $3500 will be significant for Bitcoin price, finding support on the 200-week moving average with a tweezer bottom and a bullish engulfing candle.
This may open the door over the coming weeks to attack $4000 which would complete the Adam and Eve bottom pattern, pending a breakout which is being closely watched by traders both as an area of short interest and as a significant breakout level.
Despite this, we must remember that we are locked in a bear market and the bears will very much see this as an opportunity to re-open short positions.
Overall, this move implies that there are more buyers than sellers at the low $3000 prices and is encouraging. We will be watching closely going into the weekend.
Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.
To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView.
Images courtesy of Shutterstock, Tradingview.com