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.

Ken Chigbo Independent Analyst

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.

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