Hello friends, today you can review the technical analysis on the 1M (monthly) log scale chart for Bitcoin (BTCUSD), a cryptocurrency. When reviewing this chart, keep in mind it is on a macro perspective and not looking at the day to day chart.
The Bitcoin price has been in a Parallel Channel since early 2013 with the price being supported on the bottom and top trendlines. The Median Line of the Parallel Channel is extremely important as it has helped determine when a Bear Market has come for Bitcoin up until now. The current price range is at a critical level as it was in September 2017 when the price broke below the Median Line but regained momentum and within a few months it reached an all time high with a blow off top around 19K-20K. Similarly if the current price can get back above the Median Line, there may be a potential for a Parabolic Run to the top of the channel at around 275K. The targets were determined using a Fibonacci Extension tool showing the price in 2017 reached the all time high between the 4-4.618 Fibonacci level. Assuming this may happen again, the 4-4.618 Fibonacci level is around 275K range. It may be higher or lower a bit but around that price. The chart and analysis is based on historical data trends and the price of Bitcoin does not need to follow that. It is extremely important to keep a close eye on the Median Line over the next few months.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
@TradingView, wow, thank you for recognizing my idea again! Much appreciation. Though there are many indications of a downward Bitcoin price, it is important to stay focused on the charts and technicals. If the price gets back above the median line, we could see a huge BTC pump soon. Once again, thank you!
Skyrex
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Thanks for sharing Take a look at Short-term point of view on Bitcoin price action
Malkayed
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@SkyrexTrading this one us most likely happening, i have same idea 💡
@SkyrexTrading, thanks buddy. I appreciate the token! The chart is definitely concerning to say the least. Let's hope for the bounce as noted in your chart. I also believe 39K range may be good support.
I like these charts. Because BTC at such a critical point its so hard to tell right now. Price action is bullish but indicators are more bearish. Whichever direction price moves from here will dictate the immediate future. Possibly short bear market or a continuation of bull run. Place your bets!
MillionaireEconomics
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@SocratesJnr, cheers on that. I am long term bullish on all markets but 50 years of patience won't pay the bills now. lol