Bitcoin Forecast And Analysis For 4th February: Falling Towards Bottom Of Range

After making a new high on Saturday night, Bitcoin has fallen and is now heading towards the bottom of the range the price has been in since the decline at the end of January.

At the time of this writing, the bitcoin course was equal to $3405 and the market capitalization was 60,450,880,48

Bitcoin Price Analysis and Range Breakdown

I’m not sure whether the price will breakout from this range and cause a further decline (it’s too early to tell at the moment) but there are some points of interest to keep an eye on.

The first point, which the price is quite close to entering, is the red buy area marked in the image.

This area encompasses a set of prices where the whale traders (the people who control the price) may have bought a large amount of Bitcoin. If these traders decide to buy again we could see a big rise take place when the price enters the area. The same goes for the area below, marked in green. This area may also have been created by the whales buying. If this is the case, and they want to buy more, we could a rise begin when the price enters it.

For the moment, my advice is to sit tight and watch what the price does if it enters the areas. If it enters and a sharp rise occurs, it’s likely a move back up to 3400 - 3500 will take place. If it breaks through both areas, expect to see a much larger decline occur.