Ken Chigbo
Independent Analyst
- Bitcoin price on Tuesday holding decent gains of 4% in the second half of the day.
- BTC/USD has much in the way of stubborn resistance heading into the $4000 price territory.
The Bitcoin price was trading with decent gains in the second half of the session on Tuesday, in positive territory by some 4%. Buyers swopped in down at $3775 area, the lower part of the current nine session narrow range.
BTC/USD bulls must force a breakout of upper part of the range, as mentioned above, this has been the case for going on nine sessions. The range high is tracking at $3950 area, ahead of the big $4000 mark. A failure to break above will see the price plummeting back down towards the $3600-700 range. It is also worth noting price action via the daily is moving within a bearish flag structure.
Given current upside momentum, eyes are on the chunky barriers seen ahead via the daily confluence detector. $4003.57, monthly 23.6% Fibonacci & 61.8% Fibonacci, $4122.90, pivot point resistance and lastly, $4202.45, February high area.
BTC/USD daily chart
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