Bitcoin Technical Chart Analysis using patterns, pivots , and Support and Resistance levels.
Bitcoin remains in a downtrend.
$BTCUSD - Looking at the Bitcoin chart on the weekly timeframe on the BITFINEX exchange, we can see that $BTC completed a multi-long rectangle pattern. The rectangle pattern began forming in April of 2021, finding resistance around $65K, and it was completed in June of 2022 with a breakout to the downside below $29K support. The price target of the pattern is around + - $13K. Please note that not every price target is met.
Using Pivots High Low indicator, we can see that the price found a new local bottom at $17,605. For now, the price of $17,605 is acting as support.
I drew a blue diagonal line starting from the last High Pivot to the ending of the new local bottom level. Note how the price has been rejected every time it touches that trendline acting as resistance.
You can also see a horizontal blue line acting as a resistance zone on the chart. A closing price above $30K on the weekly scale can confirm a trend reversal, and could likely follow to higher prices.
Bitcoin remains in a downtrend.
$BTCUSD - Looking at the Bitcoin chart on the weekly timeframe on the BITFINEX exchange, we can see that $BTC completed a multi-long rectangle pattern. The rectangle pattern began forming in April of 2021, finding resistance around $65K, and it was completed in June of 2022 with a breakout to the downside below $29K support. The price target of the pattern is around + - $13K. Please note that not every price target is met.
Using Pivots High Low indicator, we can see that the price found a new local bottom at $17,605. For now, the price of $17,605 is acting as support.
I drew a blue diagonal line starting from the last High Pivot to the ending of the new local bottom level. Note how the price has been rejected every time it touches that trendline acting as resistance.
You can also see a horizontal blue line acting as a resistance zone on the chart. A closing price above $30K on the weekly scale can confirm a trend reversal, and could likely follow to higher prices.