Bitcoin Price Prediction: BTC/USD firm break above $4000 will open the door to great potential upside

Bitcoin price in the latter part of the session on Wednesday, nursing minor losses of 0.25%.
Bulls are continuing to struggle breaking down the $4000 price territory, not enough momentum at present.

Ken Chigbo Independent Analyst

Bitcoin price late in the session on Wednesday is trading down in negative territory by some 0.25%. BTC/USD appears to be very much within consolidation mode, struggling to breakdown the $4000 price region for the time being.

BTC/USD has demonstrated it is on strong road to recovery, which has been the case since early February. The bulls have managed to gain around 20% since 7th February, but a gradually slowing down within the earl $4000 price territory.

In terms of key big levels to be aware of via the daily chart view, to the upside; $4016.97, daily 23.6% Fibonacci, weekly pivot point resistance, $4100.09, daily and weekly pivot point resistance. To the downside; 3975.41, daily pivot point support, daily 61.8% Fibonacci, $3933.85, daily pivot point support.

BTC/USD daily confluence detector

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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