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.

Ken Chigbo Independent Analyst

Spot rate: 4002.15

Relative change: +2.15%

High: 4033.13

Low: 3914.56

Trend: Bullish

BTC/USD

Overview
Today last price	4004.24
Today Daily Change	84.57
Today Daily Change %	2.16
Today daily open	3919.67

Trends
Daily SMA20	3926.44
Daily SMA50	3791.4
Daily SMA100	3727.59
Daily SMA200	4773.49

Levels
Previous Daily High	3925.14
Previous Daily Low	3881.35
Previous Weekly High	4058
Previous Weekly Low	3918.58
Previous Monthly High	4187.25
Previous Monthly Low	3338.98
Daily Fibonacci 38.2%	3908.41
Daily Fibonacci 61.8%	3898.08
Daily Pivot Point S1	3892.3
Daily Pivot Point S2	3864.92
Daily Pivot Point S3	3848.5
Daily Pivot Point R1	3936.1
Daily Pivot Point R2	3952.52
Daily Pivot Point R3	3979.89

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

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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BTC/USD

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