TRENDING:
BoE Interest Rate
US CPI
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Bitcoin Technical Analysis: BTC/USD bulls are gradually building blocks for a big breakout

  • Bitcoin price is trading in minor positive territory on Wednesday, up with gains of 0.15%.
  • BTC/USD daily ascending trend line continues to support the bulls in their recovery. 
  • Bulls are gradually chipping away the away of supply seen in the early part of the $4000 price territory. 
Bitcoin Technical Analysis: BTC/USD bulls are gradually building blocks for a big breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 4002.11

Relative change:      -0.13%

High:                        4017.20

Low:                         3963.92

BTC/USD

Overview
Today last price4003.69
Today Daily Change3.85
Today Daily Change %0.10
Today daily open3999.84
 
Trends
Daily SMA203867.6
Daily SMA503715.86
Daily SMA1003687.89
Daily SMA2004882.13
 
Levels
Previous Daily High4010.4
Previous Daily Low3950.37
Previous Weekly High3917.33
Previous Weekly Low3783.86
Previous Monthly High4187.25
Previous Monthly Low3338.98
Daily Fibonacci 38.2%3987.46
Daily Fibonacci 61.8%3973.3
Daily Pivot Point S13963.34
Daily Pivot Point S23926.84
Daily Pivot Point S33903.31
Daily Pivot Point R14023.37
Daily Pivot Point R24046.9
Daily Pivot Point R34083.4

BTC/USD 60-minute chart

  • Price action is moving within a narrow range-block formation, subject to a potentially explosive breakout to the upside. 

BTC/USD daily chart

  • Long-running ascending trend line still playing a huge part in the bulls push for recovery. 
  • Supply zone running from $4000-4100 price range, capping upside momentum. 

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.

More from Ken Chigbo
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.