Conclusion for today’s Bitcoin technical analysis: Price closing below ~7451.25 implies a selloff in Bitcoin.
Bitcoin analysis for today is carried out using a 4 hour timeframe candlestick chart. Close examination in this analysis and major focus is on the most recent topping formation in price action.
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A pennant chart pattern is highlighted on the 4 hour timeframe chart using price action from May 16 to current date after Bitcoin reached a peak of 8390.95. The aforementioned chart pattern ideally implies a continuation of the previous trend which in this case is bullish.
It is however also important to note a pennant can also sometimes indicate the termination of a prior trend, even if temporarily.
Therefore, any long (buy) order(s) for Bitcoin that is considered conservative should be placed once price attempts a breakout above ~8368.36. This ensures that the pennant is confirmed as operating in a continuous position and also resumption of the previous trend (i.e. bullish).
On the other hand, a break below ~7781.92 which is the upper boundary of immediate support for Bitcoin would also means a break below its 50 moving average. Both of these have bearish implications.
Further move downwards and price breaking below ~7451.25 implies a further sell off that would result in testing of the 200 moving average as a minimum.
Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found below.
https://coinanalyst.investments/2019/04/26/btc-analysis
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