This Bitcoin (BTC) analysis was made available to Cryptoleda by a well-known crypto market analyst on December 20, 2021. (Daily Timeframe)
Recently , Bitcoin is being traded in the range of 45.5 to 47.2 thousand dollars, a decrease of 2.4% compared to yesterday.
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bitcoin non-logarithmically analysis
Hello good friends of Cryptoleda. Today we are with you with a special analysis of Bitcoin.
Usually logarithmic charts are used for long-term analysis, but this time it is good to look at bitcoin non-logarithmically.
As you can see in Figure 1, for Bitcoin, long-term channels can be imagined, and the price has reacted well to the floors and ceilings of these channels over time, but for now and for a short period of time, the price is moving in Is a descending channel (purple channel).
It should be said that a new bullish market can not be hoped for until the price exits a positive exit from this downward channel.
According to Figure 1, the price can be supported up to the price range of $ 42,000, to the bottom of the downtrend channel, and then backed by thirsty bulls to buy and start a strong uptrend.
But if you look at Figure 2, the Bollinger Bands situation indicates the possibility of support in the current price range, in addition to the fact that Bitcoin is currently struggling to maintain very strong support for its 200-day moving average.
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Disclaimer: None of these Analysis is not Buy or Sell Bitcoin recommendation, And this article is just for educational purposes so please just use this article for validating your own technical analysis.