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.
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