Bitcoin bulls hold the ultimate level of support of $3775 and consolidate volume for price breakout above $3930.
The four-hour chart of BTC/USD
During the U.S. trading period December 21, the bears broke the support of bitcoin prices at $3930 for the correction of 21.6% and a decrease in quotations reached the mark of $3775 on the 38.2% retracement level.
Temporary support for the pair BTC/USD bulls have formed at the local level, $3800. Resistance session growth of the cryptocurrency is fixed at the same level of support of $3930.
Pressure on the bitcoin exchange rate has a moving average EMA200 with the current value of $4020 on the level of the price adjustment of 14.8%. Marked with the resistance buyers have to overcome and fix the price above it, to consolidate volumes and development of the current uptrend.
In that case, if the sellers of bitcoin will break through the price support at $3775, we should expect declines in the BTC/USD at least to $3652 on the level of correction 50,0%. The bulls lose their edge in the market, from a technical point of view.
Data candlestick analysis to indicate the willingness of the bulls to buy scriptactive from the local lows of the price. At the moment the horizontal protorgovki bitcoin works in favor of buyers, as it gives the opportunity to consolidate volumes sufficient to break the resistance level sales of $3930.