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Bitcoin Price Facing Key Support At 1737

Currencies / Bitcoin Jul 17, 2017 - 03:33 PM GMT

By: Franco_Shao

Currencies

BTCUSD recently broke below the bottom support trend line of the triangle pattern on its 4-hour chart and the ascending trend line on the daily chart, and is now facing the key support at the May 27 low of 1737.


As long as the Bitcoin price is above 1737 level, the price action from 2737 could be treated as consolidation of the uptrend from 905, and another rise to test 3000 psychological resistance is still possible after the consolidation. Near term resistance is at the support-turned-resistance trend line on the daily chart now at around 2080, a break of the trend line resistance could take price to test 2251 key resistance, above this level could signal resumption of the uptrend.

On the other side, a breakdown below 1737 key support will indicate that the uptrend from 905 had completed at 2889 already, then the following downward movement could bring price back to 1200 area.

For long term analysis, the Bitcoin price ran in a bullish price channel with support at its bottom trend line on its logarithmic scale weekly chart, indicating that the price remains in the long term uptrend from 163. As long as the channel support holds, the fall from 2889 could be treated as correction of the uptrend. If the price moves below 1737 key support, the final target of the correction pullback would be at the bottom trend line of the channel now at around 1200, and strong rebound could be expected after touching the channel support.


Technical levels

Support levels: 1737 (the key support), 1200 (the bottom of the price channel on the log-scale weekly chart).

Resistance levels: 2080 (support-turned-resistance trend line on the daily chart), 1.2351 (the June 15 low), 2550, 2889 (the June 12 high), 3000 (psychological important level).

This article is written by Franco Shao, a senior analyst at ForexCycle.

© 2017 Copyright Franco Shao - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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