15.07.2020 - Bitcoin (BTC/USD)Hi traders,
we have our regular analyzes back. Since we did the analysis after a long time, today we will look at a higher time frame on Bitcoin. Specifically, it will be a daily chart.
On the daily chart, we follow the huge triangle that has formed there in the recent years. The top edge of the trend line is at ATH so it's about $ 20,000. Then the trendline captures the last year's peak. On the contrary, we still have value from the beginning of 2017 at the bottom edge, as well as our last bottom, which was at the level of $ 3,000. However, we tested this support once again, and it was exactly in March when a great panic over COVID-19 came on the market.
So, at the moment we see that Bitcoin is compressed between two strong trend lines. We past the halving and due to the economic situation Bitcoin should tend to push more up. However, I have outlined two basic scenarios in the graph that you should follow now.
Bullish scenario
In this scenario, we speculate that Bitcoin will be able to break the upper trend line and the $ 10,472 threshold to create a higher maximum. If we can break through these key values and stay above them, then we can talk about another bull trend.
Bearish scenario
In this, we speculate that Bitcoin will not be able to break through the above-mentioned levels and will still test the supports at the level of $ 6,000 or $ 8,000 dollars.
Conclusion
At this point, we have to wait for Bitcoin to decide. We have been consolidating below the trend line for almost 2 months, but we have not yet been able to break it. Until that happens, we can still go lower.
May the crypto be with you!
