Bitcoin Price Analysis: This is it BTC/USD must breakout of this range-block or be heavily punished

Bitcoin bulls manage to hold ground on Tuesday, following the chunky run on Monday.
BTC/USD remains within a range block. Upper resistance seen at $3600, support down at $3100.

Ken Chigbo Independent Analyst

The Bitcoin price in the late part on Tuesday, was holding modest gains of just some 0.5%. This coming as the bulls further held ground, following the chunky advances in the prior session, Monday.

BTC/USD price action has been moving within a narrow range block since 7th December. The lower part of this range seen around $3100, the high up at $3600. This range must be broken for further committed direction.

The bulls will need to breakdown the upper part of the mentioned range, around $3600. Should they be successful in doing this, it will likely ignite a large wave of buying pressure. This could very well see the price flying back towards $4500. A failure, however, would likely result in a retest of $3100 bottom, a breach here could be catastrophic.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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