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.

Ken Chigbo Independent Analyst

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.

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