Bitcoin, Around $51K, Nears Upper Bound of 3-Year Price Trend
Upward-sloping price channel starting in late 2017 on weekly chart shows near-term resistance around $60,000.
Updated Sep 14, 2021 at 12:22 p.m. UTC
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7VSYZJ5GYVDBLD5X7URW4X5SJM.png )
BTC long term channel fixed
Bitcoin's bull run over the past year may be showing signs of exhaustion as it pushes toward the upper bound of a three-year price channel, an analysis of chart patterns shows.
The largest cryptocurrency by market value was changing hands around $51,000 as of 16:41 coordinated universal time (11:41 a.m. ET). Bitcoin (BTC) is up 75% for the year to date.
- Upward price channel from 2017's high shows possible resistance for BTC around $60,000, which could cap upside.
- A flattening of the 50-week volume weighted moving average (VWMA) would indicate a slowing long-term uptrend, similar to 2018. For now, that 50-week VWMA is climbing, currently around $22,000.
- Traders should watch for a break below the 50-day volume weighted moving average to confirm a shift in trend.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WB2LQGDFIFBGJMRSTW5NT5ZQKQ.png 400w)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MJUT3JV5HJGDDCN57STQKI43ZA.png )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2XGZ7QOFSZCQ5PQ5BNULW4CRCE.jpg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TH45JPSDANG7BHTJZAJNBJ7XRQ.jpg )