The previous analysis of BTCUSD identified the bullish price channel that resulted from the head and shoulders bottom pattern. Besides, the bottom of the channel coinciding with support between ~$7,554.80 and $7,296.60 was identified as the next likely target for BTCUSD after it reached the top of the bullish price channel at ~$8,260.
BTCUSD as updated in this post did break below support, tracing out a bearish price channel to about $5,975.30.
Bitcoin price analysis today indicates a breakout of the bearish channel at ~$6,213.10. This implies a bullish upside potential. Resistance is expected between ~$7,313.20 and $6,850.50 (neckline of the previous head and shoulders bottom pattern).
Confirmation of bullish momentum coupled with a break out above $7,313.20 is considered a safe (conservative) point for establishing a long (buy) position(s). The safest entry (most conservative) into a long (buy) position is on a price close above the high of ~$8506.70 on July 24, 2018.
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