This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
Consensus in bitcoin
The market remains optimistic even if the price has maintained more than $ 100,000 a day for two months, with analyst projections for resistance levels ranging from $ 140,000 to more than $ 200,000.
One way to identify these levels is to use trend lines, which are price graphics lines connecting the main summits and the stockings. They provide visual clues to momentum and management, helping traders to identify support and resistance levels.
The connection of 2017 bull marketing of around $ 20,000 and the 2021 summit of almost $ 70,000 and the line extension can help highlight the level where the sales pressure could emerge.
At the time of writing, this trend line indicates resistance to around $ 115,300, according to the source of tradingView data.
The same trend line crowned the increase in December and January, opening the way to a correction that saw prices drop to a hollow of $ 75,000 in April.
Log resistance at $ 220,000
That said, the above graph is a monthly graph on a linear or arithmetic scale. It shows absolute price changes, a functionality that makes it adapted to the analysis of short -term trends.
The price of potential resistance, however, can be less reliable than that derived from the long -scale graphic, which compresses the movements of percentage significant, which makes the lines of trends and the levels of resistance more precise and more significant.
The connection of the 2017 and 2021 summits on the monthly graph to the logarithmic scale aligns resistance to around $ 223,000, rather than $ 115,000. Resistance to trend lines on the logarithmic scale is probably more consistent with the exponential growth model of the past bull markets of Bitcoin.
