Bitcoin Weekly Logarithmic Chart – Source:

A look at the chart for Bitcoin in logarithmic form shows that price fell to the first support area at $3000 and a quick reversal ensued.

Price is now trading at $3700. If the support area does not hold, the second one will be at $1900-$2000.

The main support area formed by the highs of 2014 will be found at $900-$1100.

Long-Term Outlook

Bitcoin Weekly Chart – Source:

Staying with the Weekly chart, a closer look at the indicators shows that price fell right to the 200-period moving average and found support.

However, the price is facing resistance from the 7,21 and 50 period MAs and multiple bearish crosses have occurred. The RSI is <30 without any divergence.

Medium-Term Outlook

Bitcoin 3-Day Chart – Source:

A look at the 3-day chart shows that there is a bullish divergence between the price and RSI.

Furthermore, the MACD made a bullish cross and is seemingly headed upward.

However, price faces resistance from all the moving averages, and multiple bearish crosses have occurred.

Short-Term Outlook

Bitcoin Daily Chart – Source:

A look at the Daily chart shows that there has been a significant bullish divergence between price and RSI.

Furthermore, the MACD seems to have stagnated with decreasing volume.

A potential head and shoulders pattern is in play, with the solid red line serving as the neckline. Resistance fib lines from the fall are presented in the graph.

Bitcoin 2-Hour Chart – Source:

Looking at the potential head and shoulder pattern in a shorter, 2-hour timeframe shows that price formed a descending wedge during the formation of the wedge, and then broke out.

Currently, the price is at the first support area, while the second one will be at $3300-$3400.


  • Price has found support at the 200-Week Moving Average.
  • Multiple bearish crosses have occurred.
  • Potential head and shoulder in play.
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