Bitcoin Technical Analysis: BCH/USD bulls gunning for big wedge breakout
- Bitcoin price on Wednesday is seen nursing minor losses of just some 0.25% in the second half of the session.
- BTC/USD saw a rejection at the upper part of the deadly daily range block, failure to break above.
- The daily range as noted above tracks from $3650-900 area.
Spot rate: 3839.47
Relative change: -0.27%
High: 3893.14
Low: 3810.31
Trend: Neutral
Trends:
Daily SMA20: 3777.54
Daily SMA50: 3627.68
Daily SMA100: 3707.03
Daily SMA200: 5060.33
Levels:
Previous Daily High: 3872.71
Previous Daily Low: 3692.52
Previous Weekly High: 4187.25
Previous Weekly Low: 3659.1
Previous Monthly High: 4187.25
Previous Monthly Low: 3338.98
Daily Fibonacci 38.2%: 3803.88
Daily Fibonacci 61.8%: 3761.36
Daily Pivot Point S1: 3733.85
Daily Pivot Point S2: 3623.1
Daily Pivot Point S3: 3553.67
Daily Pivot Point R1: 3914.04
Daily Pivot Point R2: 3983.47
Daily Pivot Point R3: 4094.22
BTC/USD 60-minute chart
- Price sees a rejection at the upper part of the range-block formation, falling to break above.
BTC/USD daily chart
- Bitcoin failed to escape the deadly narrowing daily range block formation.
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.
