Conclusion for today’s Bitcoin technical analysis:
Price closing above ~10,185 can be used as part of a conservative strategy to place a long (buy) order(s) in Bitcoin.
Intraday timeframe presented in today’s Bitcoin technical analysis is on the 6 hour timeframe using a Japanese candlestick chart. Use of a logarithmic scale in this case helps to provide clearer inspection of chart patterns which is a major focus in this case for forecasting and/or understanding future price movement.
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Also plotted on the chart is the 6 hour timeframe, 50 and 200 moving average with both indicating bullish strength in Bitcoin. Ellipses used on the chart indicate price points used to draw the upper and lower boundary of a rectangle bottom chart pattern, whose implication is ideally bullish.
Resistance zone between 10,185.90 and 8449.70 presents an immediate challenge to the uptrend in Bitcoin with the lower boundary of resistance (8449.70) used to define the upper boundary of the rectangle bottom chart pattern.
Support region is anticipated between 5651.60 and 5025.50 in the event of a sell off from current price, while buying a breakout above the upper boundary of resistance (10185.90) can be used as part of a conservative strategy for a long (buy) order(s) in Bitcoin.
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Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.