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This is a daily technical analysis of Coindeska analyst and an authorized market technician Omkar Godbole.
Consensus in Bitcoin
The market remains bull, although the price holds over $ 100,000 every day in the bar for two months, while the projection of analysts to the level of resistance ranges from $ 140,000 to more than $ 200,000.
One way to identify such levels is the use of trend lines, which are lines of prices connecting the main maximum and minimum. They provide visual stimuli about momentum and direction, helping traders identify the level of support and resistance.
The connection of the Bull Maxim 2017 in the amount of around $ 20,000 and the highest $ 2021 of nearly $ 70,000 and the extension of the line forward can help emphasize the level where the sales pressure could occur.
At the time of writing, this trend line denotes resistance at approximately $ 115,300, according to the TradingView data source.
The same trend line limited upside down in December and January and paved the path for correction, which recorded prices in April to a minimum of $ 75,000.
Log-Log Resistance for $ 220,000
The above chart is a linear scale or arithmetic measure of a monthly graph. It shows absolute changes in prices, which is a function that is suitable for analyzing short -term trends.
However, the price of potential resistance can be less reliable than the price derived from the long -term graph that compresses significant percentage movements, making trend line and level of resistance more accurate and meaningful.
The connection of Maxim 2017 and 2021 on the monthly protocol chart is compensated by resistance at approximately $ 223,000, rather than $ 115,000. Log-wide resistance is probably more consistent with exponential growth pattern of past bitcoin bulls.
