Bitcoin Price Analysis: Bulls testing critical monthly resistance structure
|The bulls are taking on the bears at a critical juncture on the charts.
The price has spiked in Asia, printing a fresh high in an ascending channel along the trendline support.
However, there is a lack of conviction until bulls get over the line.
The following is a top-down analysis to demonstrate the market structure from a monthly to an hourly basis.
Monthly chart, double top
Breakout point
61.8% Fibonacci retracement is a strong support structure
Hourly structures
It can go either way at this juncture
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.