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Bitcoin Technical Analysis: Daily Timeframe Bearish Channel (Update).

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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Bitcoin technical analysis. Bitcoin price forecast

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.

 

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Bitcoin Technical Analysis: Daily Timeframe Bearish Channel.

Conclusion for today’s Bitcoin technical analysis: Continue reading Bitcoin Technical Analysis: Daily Timeframe Bearish Channel.

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Bitcoin Technical Analysis: Daily Timeframe Chart Patterns

Conclusion for today’s Bitcoin technical analysis: Continue reading Bitcoin Technical Analysis: Daily Timeframe Chart Patterns

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Ethereum Technical Analysis: Break below Trendline & Chart Patterns

Conclusion for today’s Ethereum analysis: Continue reading Ethereum Technical Analysis: Break below Trendline & Chart Patterns

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Bitcoin Cash Technical Analysis: Bearish Chart Pattern Formation

Conclusion for today’s Bitcoin Cash Analysis: Price closing below ~303.31 implies further downside in Bitcoin Cash.

Bitcoin cash technical analysis for today examines the cryptocurrency on a Daily timeframe using a log scale. Price action from July 20, 2018 till current date is presented with the period including the previous downtrend in Bitcoin Cash that terminated on December 16, 2018.

Bitcoin Cash technical analysis

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A bullish trendline is used to highlight the current uptrend since December of 2018, as well as the 200 Day moving average which lies just below the trendline. Price action from April 04, 2019 to current date appears to be working on the formation of a complex, Head and shoulders top pattern.

The aforementioned pattern is ideally bearish and therefore implies lower prices in Bitcoin Cash. A major requirement however is that price must close below the neckline of the pattern for chart pattern confirmation. July 15 2019 price low of 251.23 is sufficient as confirmation as it lies closest to the neckline.

The width of the pattern is indicated on the chart and can be used for price projection (upon confirmation) to obtain the minimum estimate for the bearish move.

Less conservative strategies that involve selling prior to a break of the neckline involves initiating a short trade as soon as the 303.31 price level gives way to the downside. A break below the bullish trendline and the 200 Day moving average (both of which provide support) do increase the chances of price following through to the downside.

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