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Is $90K Bitcoin's Next Big Test? Trendline Analysis Reveals Insights Amid SOL/BTC Breakout: Godbole
Trendline drawn off BTC's April and November 2021 highs signals resistance at around $90,000.
Updated Nov 8, 2024, 6:56 a.m. Published Nov 8, 2024, 6:54 a.m.
- Trendline drawn off BTC's April and November 2021 highs signals resistance at around $90,000.
- SOL's BTC-denominated price (SOL/ BTC) looks north.
After months of struggle, bitcoin bulls have finally managed to chew through the breakout level of $70,000 this week, setting new record highs above $76,000.
With BTC in a price discovery mode on pro-crypto Donald Trump's return to the White House, the most pressing question for traders is: What's the next resistance level that could challenge the bulls?
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One of the straightforward ways to identify such a level is to examine the price chart. For instance, by drawing a trendline off the April 2021 peak of $64,898 and the November 2021 high of around $69,000 and extending it forward, we can see that the resistance lies around $90,000.
Trendlines are a staple in technical analysis, helping traders identify the broader trend and potential support and resistance levels. In bitcoin's case, the upward-sloping trendline drawn from previous peaks can act as a target for potential sell orders or profit-taking, becoming a speculative resistance. Convergence of traders' actions could slow the ascent if and when the price nears $90,000.
The latest move above $70,000, representing the unspooling of the prolonged consolidative pattern, indicates that the broader uptrend from the October 2023 lows has resumed.
The breakout and a renewed positive flip in the MACD histogram, implying a strengthening of bullish momentum, suggest that the resistance at $90,000 could be tested soon.
A move below the weekly low of $66,824 would invalidate the bullish technical outlook.
Note that the activity in the options market suggests potential resistance at $80,000 and $100,000.
SOL/BTC breakout
Hopes for regulatory relief under Trump's presidency have led to bigger gains in alternative cryptocurrencies such as Solana's SOL token.
Particularly noteworthy is SOL's BTC-denominated price (SOL/BTC), which has risen nearly 11% this week, hinting at a potential bullish resolution to months of tedious rangebound activity.
A breakout from the triangular consolidation, represented by converging trendlines, would mean bulls are finally willing to lead the price action and open doors for a move toward 2021 highs. The weekly candle must close Sunday (UTC) above the upper trendline to confirm the breakout.
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