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Bitcoin price analysis today: Real time update and commentary

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.

Bitcoin price analysis today, technical analysis of Bitcoin, Bitcoin chart

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.

Interested in Ethereum (ETHUSD)? Check out the free analysis here. Besides, EUR AUD analysis (FX) can be found here.

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4 thoughts on “Bitcoin price analysis today: Real time update and commentary

  1. […] in Bitcoin (BTCUSD)? Check out the free analysis here. Besides, EUR AUD analysis (FX) can be […]

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