The possibility of a bullish price swing in Bitcoin was provided in the previous analysis. Bitcoin analysis for today takes a look at what is possibly in store for Bitcoin for the rest of the year 2018. Detailed analysis for other cryptocurrencies is also provided here.
A logarithmic scale is used on a Daily time frame shows the price of Bitcoin exiting below a bearish channel on November 24, 2018. Price action is currently testing the channel line again after selling off to about 3215.20 on December 15, 2018.
An alternative valid interpretation for price action is provided by the symmetrical triangle that lasted for about 9 months which saw prices collapse upon exiting the chart pattern.
This analysis concludes that it is possible for Bitcoin to sell off again and move past its previous low of 3,215.20. This is based on considerations that the symmetrical triangle is in a position of continuation and also the minimum projection for price using the width of the triangle has not been reached..
Arguments in support of continuation of the current bullish price swing from the December 15, 2018 bottom in price involves re-entry into the current bearish channel. In this scenario, the upper limit of the channel would be a minimum target for the price of Bitcoin.
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