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Bitcoin Technical Analysis: BTC/USD must breakdown $4000 to fly

  • Bitcoin price into the second half of the session on Friday was trading in very minor positive territory by some 0.35%. 
  • BTC/USD remains firmly supported by strong daily ascending trend line, which has been in play since early February. 
  • The bulls must breakdown $4000 for greater upside pressure, as sellers continue to cap upside. 

Spot rate:                 3993.60

Relative change:      +0.35%

High:                        3998.09

Low:                         3961.28

Trend:                       Bullish

BTC/USD 60-minute chart

  • Bearish rising wedge pattern eyed via the 60-minute chart view, subject to a potential breakout to the downside. Focus on $4000, this needs to be broken down for greater upside momentum. 

BTC/USD daily chart

  • Bulls remain well-supported for their attempt to push further north by a long-running ascending trendline. 

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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