After multiple retests, the $4400 resistance zone has been hit by a powerful impulse. Though not so long ago, one can assume that the new resistance zone in the BTC/USD pair is $4650.
Technically, the picture is as follows:
$4400 is the support zone. There has been no full-blown retest, therefore $4400 test scenarios are highly likely.
$4650 is the resistance zone. We’ve seen a lot of buys at this level over the last couple of days.
Globally, the uptrend continues. But the movement has slowed down a bit, as there is probably a gradual shift of money flow from BTC to altcoins.
What to expect:
The most likely scenario of price behavior for the coming week is in the $4400-$4650 range. BTC will experience tests of support and resistance zones without any rapid price movements during the last hours of summer, after impressive growth in August.
The uptrend pressure may hit the $4650 zone. Apart from that, there are no other triggers. There’s no breaking news that could influence the price. In case a hit does take place, it’s very likely to be false.
The only factor that can profoundly change the course of events is some breaking news.