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Bitcoin Analysis: Bulls not in the clear yet.

A logarithmic scale is used in today’s Bitcoin analysis on the Daily timeframe.

Bitcoin chart, Bitcoin price analysis, Bitcoin trend analysis

Price action from February 19, 2018 to November 14, 2018 is described here using a symmetrical triangle.

Breakout following the pattern has successfully held support between ~3682 and 3121, which indicates weakness in the current bearish momentum and potential for a bullish price swing.

A break below support especially 3121 implies resumption of bearish strength and further lower prices in Bitcoin. The width of the triangle can also be used to estimate the minimum projection for the current bearish action. This requires switching back to an arithmetic scale.

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Interested in Ripple’s market analysis (XRPUSD)? Check out our previous work here. Moreover,  CHFJPY analysis (FX) can be found here.

2 thoughts on “Bitcoin Analysis: Bulls not in the clear yet.

  1. […] in Bitcoin analysis (BTCUSD)? Check out our previous work here. Moreover,  USDCAD analysis (FX) can be […]

  2. […] in Bitcoin analysis (BTCUSD)? Check out our previous work here. Moreover,  USDCAD analysis (FX) can be […]

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