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Bitcoin Technical Analysis: BTC/USD battling for big upside but has to smash through $4000 territory

  • Bitcoin price on Wednesday trading up with gains of some 2.15% in the latter part of the session.
  • BTC/USD price action via the daily remains supported by a vital ascending trend line.
  • Bulls managed to extend to the upside breaking out from a descending channel formation. 
Bitcoin Technical Analysis: BTC/USD battling for big upside but has to smash through $4000 territory
Ken ChigboKen ChigboIndependent Analyst
 
Spot rate:                 4002.15

Relative change:      +2.15%

High:                        4033.13

Low:                         3914.56

Trend:                       Bullish 

BTC/USD

Overview
Today last price4004.24
Today Daily Change84.57
Today Daily Change %2.16
Today daily open3919.67
 
Trends
Daily SMA203926.44
Daily SMA503791.4
Daily SMA1003727.59
Daily SMA2004773.49
 
Levels
Previous Daily High3925.14
Previous Daily Low3881.35
Previous Weekly High4058
Previous Weekly Low3918.58
Previous Monthly High4187.25
Previous Monthly Low3338.98
Daily Fibonacci 38.2%3908.41
Daily Fibonacci 61.8%3898.08
Daily Pivot Point S13892.3
Daily Pivot Point S23864.92
Daily Pivot Point S33848.5
Daily Pivot Point R13936.1
Daily Pivot Point R23952.52
Daily Pivot Point R33979.89
 
BTC/USD 60-minute chart
  • Near-term price action moving within a bullish flag pattern formation, subject to a breakout. 

BTC/USD daily chart

  • Daily price action continues to be supported by vital ascending trend line. 

Author

Ken Chigbo

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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