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Bitcoin Technical Analysis: BTC/USD bulls really have their work cut out

Bitcoin trading with very modest gains of just over 1% in the session on Wednesday.
BTC/USD price action moving within a narrow range at the moment, subject to a near-term breakout.

Ken Chigbo Independent Analyst

BTC/USD 15-minute chart

BTC/USD 15-minute price action moving within a narrow range formation, between $3800-900 area.

Spot rate: 0.3345

Relative change: +1.01%

High: 3965.82

Low: 3866.12

Trend: Neutral

Trends:
    Daily SMA20: 3551.87
    Daily SMA50: 3615.41
    Daily SMA100: 3956.94
    Daily SMA200: 5258.35
Levels:
    Previous Daily High: 3970.9
    Previous Daily Low: 3843.38
    Previous Weekly High: 3655.36
    Previous Weekly Low: 3536.68
    Previous Monthly High: 4110.71
    Previous Monthly Low: 3341.58
    Daily Fibonacci 38.2%: 3922.19
    Daily Fibonacci 61.8%: 3892.09
    Daily Pivot Point S1: 3831.71
    Daily Pivot Point S2: 3773.78
    Daily Pivot Point S3: 3704.18
    Daily Pivot Point R1: 3959.23
    Daily Pivot Point R2: 4028.83
    Daily Pivot Point R3: 4086.76

BTC/USD 60-minute chart

Price action is moving within a near-term ascending channel pattern formation.

BTC/USD daily chart

A chunky amount of supply is observed from $4000 up to the $4500 price range.

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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