This is a daily technical analysis by Omkar Godbole, a Coindesk analyst and franchised market technician.
Consensus in Bitcoin
The market remains bullish, even though the bars that have already exceeded $100,000 for two months, analysts’ forecasts for resistance levels range from $140,000 to over $200,000.
One way to identify such levels is to use a trend line, a price chart line that connects major highs and lows. They provide visual tips on momentum and direction to help traders determine support and resistance levels.
Connecting the 2017 bull market highs for about $20,000, the 2021 highs for nearly $70,000, and extending the line forward can help highlight levels where sales pressures may appear.
According to data source trading, this trend line represents resistance of approximately $115,300 as of this writing.
The same trend line capped at the December and January caps, paving the way for corrected roads, bringing prices down to $75,000 in April.
The log zoom resistance is $220k
That is, the above figure is a monthly chart of linear scale or arithmetic scaling. It shows absolute price changes, and the feature is suitable for analyzing short-term trends.
However, potential resistance prices may not be as reliable as those derived from long-term tick charts, which compresses significant percentage movements, making trendline and resistance levels more precise and meaningful.
Linking the 2017 and 2021 logs on the chart, the monthly chart has about $223,000 instead of $115,000. The trend line resistance at logarithmic scale may be more consistent with Bitcoin’s exponential growth pattern in the past bull market.
