Bitcoin Technical Analysis: BTC/USD set up $4000 imminent reclaim at current pace of momentum
- Bitcoin bull extend to the upside on Tuesday, after the strong gains on Monday, currently up over 1%.
- BTC/USD bullish set up eyed, breakout from a descending wedge pattern via 15-minute chart, but also a bullish flag eyed on the 4-hour.
BTC/USD 15-minute chart
Spot rate: 3565.00
Relative change: +1.51%
High: 3568.69
Low: 3435.42
Trend: Bullish
Resistance 1: 3658.71, near-term supply area.
Resistance 2: 3818.42, daily pivot point resistance.
Resistance 3: 4056.07, daily pivot point resistance.
Support 1: 3261.35, daily pivot point resistance.
Support 2: 3023.7, daily pivot point support.
Support 3: 2863.99, daily pivot point support.
BTC/USD 60-minute chart
- Given the breakout of a near-term descending wedge, eyes on next barrier of $3800 territory,
BTC/USD 4-hour chart
- Formation of a bullish flag pattern eyed, as bulls will look to extend further north from this.
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.
