Bitcoin Price Analysis: BTC/USD heavily reliant on a vital ascending trend line

0
  • Bitcoin price late on Friday is trading up with minor gains of some 1.5%.
  • BTC/USD is well supported by an ascending trend line of support, which has been in play since early February.

Bitcoin price late on Friday trading up some 1.5%, flirting just under the psychological $4000 price level. Bulls must breakdown supply running from $4000 up to $4100 price range, for a greater wave of buying pressure.

BTC/USD price action is being well-supported by a long-running ascending trend line, this has been in play since 8th February. The current run to the north is heavily reliant on the noted support, a failure to hold could see the sellers pile in.

The above-noted support is tracking at $3850-900, a breached could see a fast drop south down towards $3300, pre-February bull run levels. To the upside, a near-term strong area of supply is tracking from $4000-4100. 

 

BTC/USD daily chart

Get the 5 most predictable currency pairs

About Author

Comments are closed.