Conclusion for today’s Bitcoin technical analysis:
A close above the October 26, 2019 price peak of 10350 implies higher prices in Bitcoin.
Bitcoin analysis for today inspects the cryptocurrency on its Daily timeframe using a log scale. Bullish trend from December 17, 2018 that reached a price peak of 13880 on June 26, 2019 has since been followed by a downtrend.
Confirmation of the current sell off from the June 26, 2019 peak includes Bitcoin breaking and closing below its bullish trendline that lasted over 6 months. Besides, September 24, 2019 also saw price close below the lower boundary of a symmetrical triangle chart pattern as plotted on the Daily timeframe chart.
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Price selloff reached the upper boundary of support indicated in the previous Bitcoin technical analysis at ~ 7568.04, before the current spike in price. The most recent action has also seen the world’s number one cryptocurrency close back above its 200 moving average.
Additional bullish bias is also provided by the moving average currently maintaining an upward, positive slope. Retracement following the October 26, 2019 price peak of 10,350 is therefore expected to only be temporary after which Bitcoin is expected to move higher.
The apex of the triangle as a guideline does offer pivots for price action, and in this case did act as a region of resistance challenging the price swing upwards from October 25, 2019.
A close above the October 26, 2019 argues for higher prices, while a move below the lower boundary of support at ~ 7,215.52 decreases the chances of continuation of bullish momentum.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.