This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Consensus in Bitcoin
The market remains bullish, although the price has had over $ 100,000 every day carried one for two months, with analysts’ projections for resistance levels ranging from $ 140,000 to over $ 200,000.
One way to identify such levels is to use trend lines that are price -cut lines that connect greater heights and lownesses. They provide visual signals about momentum and direction and help dealers identify support and resistance levels.
Connecting the Tyr Market height in 2017 at around $ 20,000 and 2021 heights of nearly $ 70,000 and expansion of the line forward can help highlight the level where selling pressure may arise.
From the time of writing, this trendline indicates resistance to approximately $ 115,300, according to the data source trade.
The same trendline set aside upside down in December and January and paved the way for a correction that saw prices fall to a low level of $ 75,000 in April.
Logscaled resistance to $ 220K
That said, the above chart is a linearly scaled or arithmetic-scaled monthly chart. It shows the absolute price changes, a feature that makes it suitable for analyzing short -term trends.
However, the potential resistance price can be less reliable than that derived from the long -scale diagram that compresses significant percentage movements, making trend lines and resistance levels more precise and more meaningful.
Connecting the heights 2017 and 2021 on the log-scaled monthly chart adjusts the resistance to approx. $ 223,000 instead of $ 115,000. The log-scaled trendline resistance is probably more consistent with the exponential growth pattern in Bitcoin’s previous bull markets.
