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Bitcoin Technical Analysis: BTC/USD bulls are gradually building blocks for a big breakout

Published 03/21/2019, 12:08 PM
Updated 03/21/2019, 12:09 PM
© Reuters.

  • Bitcoin price is trading in minor positive territory on Wednesday, up with gains of 0.15%.
  • BTC/USD daily ascending trend line continues to support the bulls in their recovery.
  • Bulls are gradually chipping away the away of supply seen in the early part of the $4000 price territory.

Spot rate: 4002.11

Relative change: -0.13%

High: 4017.20

Low: 3963.92

BTC/USD 60-minute chart

  • Price action is moving within a narrow range-block formation, subject to a potentially explosive breakout to the upside.

BTC/USD daily chart

  • Long-running ascending trend line still playing a huge part in the bulls push for recovery.
  • Supply zone running from $4000-4100 price range, capping upside momentum.

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