Bitcoin Technical Analysis: A Closer Look at Price Patterns

<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>We seek to understand the likely future direction of BTC and pinpoint significant support and resistance levels by analyzing a variety of price patterns.</p>
<p><span></span></p>
<div></div>
<div></div>
<div>
<div>
<div>
<div>
<div>
<div>Please take notice that while patterns might offer useful information, they cannot predict how prices will go in the future.</div>
<h3>Bitcoin’s Recent Performance:</h3>
<div>Bitcoin started a downward spiral after reaching a high of $69,000 on November 10, 2021, and had a notable fall of 77.57% during the next 12 months. The monthly fractal support, which has been in place since November 21, 2022, was finally formed at $15,479.</div>
</div>
</div>
</div>
</div>
<div></div>
</div>
</div></section>
<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img1-4-800×450.png"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img1-4.png" alt="bitcoin" title="img1" itemprop="thumbnailUrl" /></a></div></div>
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><h3>Subdued Performance and Recovery:</h3>
<div>Since then, Bitcoin has performed more subduedly than expected, given the euphoria surrounding the last bull market. However, it has seen an interesting 100% rebound from the formation of the fractal support at $15,779. On April 14 of this year, the weekly fractal resistance at $31,035 was formed.</div>
<div>
<div>
<div>
<div>
<div></div>
</div>
</div>
</div>
<div></div>
</div>
</div></section>
<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img2-800×200.gif"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img2.gif" alt="bitcoin" title="img2" itemprop="thumbnailUrl" /></a></div></div>
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><h3>Identifying Price Patterns:</h3>
<div>Trading financial markets require the ability to recognize different price patterns that evolve over time.</div>
<div>At Forex Analytix, we have a special area that is open to all visitors and subscribers and can be found <a href="https://www.forexanalytix.com/blog/education/" rev="en_rl_none">here.</a></div>
<div>In the case of Bitcoin, a distinct pattern has emerged: a head and shoulders pattern, with the pattern’s support level being endangered at the $27,000 level. If this reversal pattern triggers, Bitcoin may fall back to $23,355, signifying a 50% drop between the monthly fractal support and the weekly fractal resistance (- 9.4% below the recent support forged at $25,800). This might put the cryptocurrency back on an ascending trendline that has maintained past lows.</div>
<div>
<div>
<div>
<div>
<div></div>
</div>
</div>
</div>
<div></div>
</div>
</div></section>
<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img3-800×450.png"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img3.png" alt="bitcoin" title="img3" itemprop="thumbnailUrl" /></a></div></div>
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><div>
<div>
<h3>The Uncertainty and Importance of Previous Resistance:</h3>
<div>It is vital to note the prior fractal resistance established at $26,851. A break over the previous resistance zone may encourage not only a retest of previous highs but also continued upward momentum and the formation of new highs. We have the monthly fractal resistance set at $48,235.</div>
</div>
</div>
<div></div>
<div></div>
<div></div>
<hr />
<div></div>
<div>Safe Trades,</div>
<div>André Cardoso</div>
<div></div>
<div><em>Risk Warning: Trading financial assets involves a high level of risk and may result in the loss of all your capital. Be sure to fully understand the risks involved before starting trading and carefully consider your investment objectives, level of experience, and risk tolerance. The data and information provided in this content do not constitute financial or investment advice and should not be considered as such. Only invest what you can afford to lose and be aware of the risks associated with trading financial assets.</em></div>
</div></section>
<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/03/Screenshot-2023-03-16-at-17.59.29-800×452.png"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/03/Screenshot-2023-03-16-at-17.59.29.png" alt="andre cardoso" title="Screenshot 2023-03-16 at 17.59.29" itemprop="thumbnailUrl" /></a></div></div>
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>====================================================================</p>
<p><strong>Supercharge Your Trading!</strong></p>
<p>If you want to access a live trading account, visit the <strong><a href="https://traderfundingprogram.com/?ref=andre">Trader Funding Program</a> </strong>by Forex Analytix</p>
<p>Pass the assessment and access live funds!</p>
<p>Andre Cardoso</p>
<p>Forex Analytix</p>
<p><a href="https://traderfundingprogram.com/?ref=stelios"><img decoding="async" loading="lazy" class="aligncenter wp-image-10111 size-full" src="https://www.forexanalytix.com/blog/wp-content/uploads/2022/12/TFP-728×90-2.png" alt="" width="728" height="90" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2022/12/TFP-728×90-2.png 728w, https://www.forexanalytix.com/blog/wp-content/uploads/2022/12/TFP-728×90-2-400×49.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2022/12/TFP-728×90-2-705×87.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2022/12/TFP-728×90-2-450×56.png 450w" sizes="(max-width: 728px) 100vw, 728px" /></a></p>
</div></section>
<p>The post <a rel="nofollow" href="https://www.forexanalytix.com/blog/bitcoin-technical-analysis-patterns/">Bitcoin Technical Analysis: A Closer Look at Price Patterns</a> appeared first on <a rel="nofollow" href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>