Bitcoin Technical analysis: Next move on the Daily Timeframe.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Conclusion of today’s Bitcoin technical analysis: Price closing below ~8,883.35 implies more downside action in Bitcoin .

A candlestick chart (log scale) of Bitcoin is provided on a Daily timeframe . Analysis focuses on the uptrend in price that started from the December 17, 2018 price low to current date.
A bullish trendline is used to provide perspective for the aforementioned period in price history, as well as the 200 Day moving average (MA).
Price action from June 26, 2019 to date is captured using a descending triangle , whose implication is ideally bearish . Also worthy of note is the break and close below the bullish trendline on August 13, 2019 when Bitcoin closed the daily candle at 10,862.28.

~9605.38 and 8883.35 represent a support zone for the price of Bitcoin , with the former price level also acting as the base of the descending triangle . Price already breaking the bullish trendline to the downside is bearish . Adding to this bearish bias will be a close below 9605.38.

Price projection for the minimum estimate of the sell off upon confirmation of the triangle includes using the width of the triangle. Projection however requires the use of an arithmetic scale as opposed to log scale used in this Bitcoin technical analysis .
Other plausible targets for any sell off includes the 200 day moving average or the support zone (7568.04 and 7215.52) that lies directly on top of the moving average.


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