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Bitcoin Technical Analysis: Daily Timeframe Bearish Channel.

Conclusion for today’s Bitcoin technical analysis:

Price closing below support at ~8549 implies a return to the bottom of the bearish channel at ~6865.

Bitcoin analysis for today takes a look at price action from December 18, 2019 to current date. A log scale is used on the Daily timeframe, as well as chart patterns drawn on the chart to help track price movement.

August 14, 2019 saw the long term trendline (lasted over 7 months) give way to the downside with Bitcoin remaining in an overall downtrend ever since. A bearish channel starting from price peak of 13880 on June 26, 2019 is also plotted on the chart and is the main chart pattern that is used as part of the process of monitoring price action.

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Bitcoin price forecast. Btc usd

Bitcoin successfully broke below its 200 day moving average on September 26, 2019 before closing back above it a month after (October 26, 2019), with price currently settling just under the moving average.

The back and forth movement above the moving average implies indecision and therefore waiting for more price development as the best course of action. Price low of 8549 provides the most recent support level to watch in Bitcoin as a close below favors further move to the downside.

Price currently under the 200 moving average also supports a bearish outlook. The lower boundary of the bearish channel at ~6865 is anticipated as support if a selloff ensues.

On the other hand, any bullish momentum in Bitcoin that will be sustained must see price close back above the 200 Day moving average and better still is a close above the upper boundary of resistance at ~11,062.59. The minimum target for a bullish price swing in this case is the June 26, 2019 price peak of 13880.

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Our previous Bitcoin technical analysis  before the current price rally was also posted for FREE and can be found here.

 

 

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