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Bitcoin Friday: Technical Analysis of Bitcoin

Today, we will take a look at Bitcoin from the technical analysis standpoint.

Daily chart

What I have pointed out in previous articles has finally happened. Bitcoin has reached a new all-time high. The current maximum is almost $ 65,000 . My nearest target on the chart is $ 73,916 . It is also a target for rising wedge and triangle formations.

Bitcoin on the daily chart has two possible scenarios and both end at $ 70,000 - $ 73,000 . The first scenario is an ascending triangle that has been broken through upwards. The target for the ascending triangle is the mentioned limit of 73k .

The second scenario is the rising wedge, which is not yet complete at this point, but in the medium term, it would mean that the moment we completed this pattern, we would have a bigger correction. However, I may elaborate on this topic in the future. In the coming days, we can still expect growth.

technical analysis of Bitcoin on a daily chart Figure 1: Technical analysis of Bitcoin on a daily chart

4H chart

On the 4H chart, it would be ideal if Bitcoin could maintain the trend line and support at $ 61,750 . This support is our previous ATH (all-time high) and I would not like it to fall anywhere below this price level. From a long-term point of view and from the point of view of a trend, the key line for us is the trend line, from which we are quite far.

If Bitcoin had gone to the side for a while now, I would not be too surprised.

Technical analysis of Bitcoin on 4H chart Figure 2: Technical analysis of Bitcoin on 4H chart

Conclusion

Personally, I still believe that Bitcoin will exceed the $ 100,000 mark this year. I still think cryptocurrencies have the best in front of them. This analysis showed us the levels that will be most important in the coming days. If these levels and trend lines are followed, the $ 73,000 target is only a matter of time.

Jakub is a crypto trader and founder of Trader 2.0 project, which helps hundreds of traders from central Europe to understand cryptocurrency trading and its challenges. Jakub not o...

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