In this video, we’re gonna take a look at bitcoin
from the technical analysis standpoint and in the next videos, we’ll see How realistic the
technical part can be by looking into other aspects Such as cycle and fundamental analysis.
Unfortunately there is a data shortage for doing a thorough TA on bitcoin because its all-time
high’s been hit, so there are no highs from the past. I’ll try my best with any technical tools
First we need to change our chart to logarithmic scale. We do that because when an
asset price grows largely, our analysis is skewed towards recent larger values and the primary
data is ignored to a great extent. Simply put, logarithmic scale is based on percentage points
not price. Ok, what we have here is a dynamic resistance. Even if the price gets to that
level this month, which is almost impossible, it sees around $125000. The later it gets the
higher value it sees. There is also a channel where the nearest price to its upper line
is around $75000. Although we don’t need any indicators to see how strong the bullish market
is all the indicators confirm this strength..