Bitcoin Daily Chart – Source: Tradingview.com

Price action yesterday in Bitcoin got off to a bullish start for the week with price recovering from the last two days of losses last week.

Last week BTC’s price underwent two major drops. After the initial drop, the price went through a period of consolidation before following up with another bearish drop.

Yesterdays bullish movement reversed the second bearish drop which took place.

Price action started off Monday trading slightly above last weeks low.

Price traded up to the $3684 level which has been a prior area of support and is now providing some resistance.

Bitcoin 4-Hour Chart – Source: Tradingview.com

The four-hour chart shows in closer detail the bullish move which took place.

Price initially increased to a lower high at $3586 before reversing.

This was then followed by a reversal which led to a more bearish pattern, but a surge to $3684 followed this.

Price has since been trading just below resistance at $3684.

However, the pattern forms a markedly more bullish outlook.

Price has already tested $3684 a number of times. Each test makes the level weaker with progressively fewer sellers each time.

Key Takeaways:

  • Price action for Bitcoin yesterdays reverses the losses of the second bearish drop which occurred last week.
  • Price is meeting resistance at $3684 which has previously been an important area of support.
  • Price has tested $3684 a number of times already. Each test makes the level weaker.

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