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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.

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