Bitcoin Price Working Its Way Up Toward Resistance (will it break the descending channel?)
With a few consecutive days of positive price movement in Bitcoin, we must keep our eyes on coming levels of resistance as they could be a stopping point for the current move.
Plenty of Action at the 11,500-11,700 area
With bitcoin trading at 10,900 as I type this we are just one good leg up to reach this area so let's discuss why this could be the next point of price resistance.
Looking at the chart we see two things at that price area:
- A previous top (blue arrow pointing at it)
- The top trendline of the descending channel
Outlook
I normally look at previous tops as possible pivot points, but if you look at the top line of the descending channel you will see in just a couple days progression that line is right in that same are.
This means if we are going to see BTC price establish above 11,700 (and I mean establish not just trade through it and pullback) we will need to see it breakout of the descending channel it has been in the past two months.
So lets keep an eye on that to see how it plays out. BTC needs to get out of this descending channel for us to technically be bullish. As of right now we are just getting a nice bounce to the top to the channel.
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
More-or-less where I'm watching. I have a thing for round numbers, so I'm watching $12,000.
If Bitcoin gets above that, it'll make a higher high. That will definitely change the chart dynamic.
Yes, for sure. We basically need 12k to be fully clear of this top and the descending channel.
Bitcoin towards 20 k before end of March
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-update-17-02-2018
A very comprehensive technical analysis for the bitcoin chart you have. I like your explanation for the bouncing of the coin within the support and resistance level. Can you give your suggested price when is it to buy the bitcoin?
@scaredycatguide
The buy opportunity I liked has since passed at the 7500 to 9k level. The next level of support is 10k if we were to pull back. I generally use those for price entries. If I was forced to buy that is where I'd be looking.
Don't you think it will go back to $8000? If it will continue the current trend what is your presiction for resistance level?
Thanks.
yeah have the similar view on the top channel, the multiple touch points around that range previously, it's around the 100 MA too. Depending on the speed of the push to hit the downtrend channel top, looking at 12000 ~ 11600.
@scaredycatguide what's your opinion of the move after it hit the channel top resistance ?
If we were to break out of the descending channel, 12,800 is the next point of resistance.
I think Bitcoin is now in an uptrend trendline and there is no way of turning back.
With the last alltimehigh there came so mutch new people into the cryptospace and they where looking for an entry. Now we are technically bullish again and most of the people are shure that we have already seen the bottom. So for now there is only one direction #tothemoon
Thank you useful information. My permission will follow your account.
I'm holding very little BTC. >< Hope it it keeps rising.
Great work here @scaredcatguide.
My analysis for Bitcoin:
https://steemit.com/bitcoin/@analysisman/analysis-bitcoin-btcusd
Another great post, thanks.
Do you do all your charting on Coinbase or do you use other resources?
For the big 3 coins (BTC, LTC ETH) I use coinbase as it always seems to have the most pronounced moves. For all the others I usually use bittrex.
I've been checking it at least once a day, sometimes more. Waiting for my portfolio to go back up and for the market to regain some stability. Of course, I've also gotten into some new coins, and bought more of ones I already had, at excellent discount prices recently.
Yes, we got a nice little fire sale couple weeks ago :-)