Bitcoin technical Analysis: Daily Timeframe Chart Pattern

Conclusion for today’s Bitcoin technical analysis: Price closing above ~17,137 points towards more bullish upside in Bitcoin.

A logarithmic scale is used in today’s analysis on the Daily timeframe candlestick chart of Bitcoin. Price action coverage is from December of 2017 where the major downtrend commenced until current date.

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The most recent bullish trend in Bitcoin starting back in December of 2018 is approaching major resistance between ~14324 and 17137. Besides, June 26, 2019 price peak of ~13880 provides the second pivot used to draw a bearish trendline in Bitcoin.

This is therefore important to monitor as it can play a major role in the future development of price action.

Lack of a price close above the lower boundary of resistance could serve as catalyst for downside action. ~10244 (upper boundary) and 9476 (lower boundary) indicate immediate support or price levels to monitor in case of a pull back or retracement of the current uptrend.

A break below 9476 implies a continuation of downside momentum.

Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.
https://coinanalyst.investments/2019/04/26/btc-analysis