This is a sunny technical examination of coindesk analyst and chartered market technician Omkar Godbole.
The consensus in bitcoin
The market remains bullish even when the price is held above the $ 100,000 -day -day bar for two months, with analyst hopes for resistance levels from $ 140,000 to over $ 200,000.
One way to determine such levels is to use trendlines, which are price chart lines that connect major highs and lows. They provide visual clues about momentum and direction, which helps entrepreneurs identify support and resistance levels.
Connecting the 2017 Bull-Market high around $ 20,000 and 2021 high about $ 70,000 and the expansion of the line will help highlight the level at which pressure sale may appear.
As a time of writing, this course indicates resistance to approximately $ 115,300, according to tradingview’s source data.
The same trendline turned upside down in December and January, setting the way for a correction that saw prices dropping to a low $ 75,000 in April.
Log-scaled resistance to $ 220K
That said, the above chart is a linear-scaled or arithmetic-scaled monthly chart. It shows full price changes, a feature that makes it suitable for the review of short -term trends.
The potential resistance price, however, may be less reliable than derived from the long -term chart, preventing significant moves of percentage, making resistance levels more accurate and more meaningful.
Connecting 2017 and 2021 highs on the monthly log-scaled chart aligned with the resistance to approximately $ 223,000, instead of $ 115,000. The resistance of the scaled trendline is likely to be more consistent with the pattern of growing the past markets of Bitcoin.
