Conclusion for today’s Bitcoin technical analysis: The minimum target for a bullish move following a close above ~7,886 is ~9,207.21.
Bitcoin (BTC USD) analysis for today examines Daily timeframe price action using a log scale. The current active chart pattern in Bitcoin is plotted on the chart (Bearish price channel), following a break of the long term bullish trendline in Bitcoin.
Price action closing below the 200 Day moving average on November 8, 2019 also supports the current bearish sentiment in the cryptocurrency. The most recent test of the bottom boundary of the channel which provides support occurred on November 25, 2019 with price reaching a low of ~6,515.
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The current bullish swing off of the lower boundary of the channel implies a bottom in the price of Bitcoin, even if temporarily. Further movement to the upside is therefore favored as the current bias for the price of Bitcoin (BTCUSD).
The Daily timeframe 200 moving average currently does coincide with the upper boundary of the bearish channel. This suggests that any price development to the upside will perhaps meet with resistance at ~9,365.32. A higher resistance level above the channel is provided on the chart between 11,062.59 and 10,495.12.
Conservative Bitcoin trades (bullish) involve waiting for a breakout and/or close above the 200 Day moving average (also price level of the upper boundary of the channel) prior to initiating long (buy) trades.
Earlier entries that will target immediate resistance at the channel’s boundary (i.e. 9,365.32) involve buying on a breakout above ~7,886. Conversely a break below the lower boundary of the channel and also below the November 25, 2019 price low of Bitcoin favors bearish setups as opposed to bullish trades.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.