Bitcoin Technical Analysis: BTC/USD may be able to see a fresh wave of strong buying pressure soon, must break $4000-4100 range

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  • Bitcoin’s price is trading up in minor positive territory in the second half of the session on Friday. 
  • BTC/USD price still hugging very closely to the critical daily ascending trend line. 

Spot rate:                 3900.72

Relative change:      +1.05%

High:                        3906.40

Low:                         3845.98

Trends:
    Daily SMA20: 3839.28
    Daily SMA50: 3674.77
    Daily SMA100: 3687.01
    Daily SMA200: 4948.08
Levels:
    Previous Daily High: 3901.32
    Previous Daily Low: 3783.86
    Previous Weekly High: 3910.39
    Previous Weekly Low: 3672.34
    Previous Monthly High: 4187.25
    Previous Monthly Low: 3338.98
    Daily Fibonacci 38.2%: 3856.45
    Daily Fibonacci 61.8%: 3828.73
    Daily Pivot Point S1: 3791.75
    Daily Pivot Point S2: 3729.07
    Daily Pivot Point S3: 3674.29
    Daily Pivot Point R1: 3909.21
    Daily Pivot Point R2: 3963.99
    Daily Pivot Point R3: 4026.67

BTC/USD 60-minute chart

  • Price action was moving within a descending wedge pattern formation, however, a breakdown has been observed. 

 

BTC/USD daily chart

  • The bulls are very much reliant on the ascending trend line, which has been running since 7th February. 
  • Bulls need to breakdown near-term supply, tracking from $4000-100 range. 

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