The potential resistance lines in the bullish market of Bitcoin are at 115,000 Dollar or 223,000 Dollar: Technical Analysis | CoinDesk JAPAN

• The trend line connecting the highs of 2017 and 2021 suggests that there is a resistance line at approximately 115,300 Dollar on a linear scale chart.
• On the other hand, in the logarithmic scale chart, a more reliable resistance line is around 223,000 Dollar, which aligns with Bitcoin's past growth patterns.

The consensus in the Bitcoin (BTC) market remains bullish despite the price having been above $100,000 for all but one day in the past two months. Analysts' forecasts for resistance levels range from $140,000 to over $200,000.

One way to identify such levels is to use trend lines. Trend lines are lines that connect major highs and lows on a price chart, providing visual cues for momentum and direction, aiding traders in identifying support and resistance levels.

By extending the trend line connecting the bullish market high of approximately 20,000 Dollars in 2017 and the high of approximately 70,000 Dollars in 2021, it is possible to identify levels where selling pressure may emerge.

According to TradingView data, at the time of writing this article, this trend line indicates that there is a resistance line around 115,300 Dollar.

[BTC's linear scale monthly chart: TradingView/CoinDesk] This trend line played a role in capping the upside in December and January, leading to a correction phase, and in April the price fell to a low of about 75,000 Dollars.

The resistance on the logarithmic scale is 223,000 Dollar

That said, the above chart is a monthly chart on a linear scale (or arithmetic scale). It shows absolute price fluctuations, making it suitable for short-term trend analysis.

However, the potential resistance price may be somewhat inaccurate compared to those based on more reliable logarithmic scale charts. On a logarithmic scale, large percentage fluctuations are compressed, making trend lines and resistance levels more accurate and meaningful.

Connecting the highs of 2017 and 2021 on a logarithmic scale monthly chart, the resistance is not 115,000 Dollar but approximately 223,000 Dollar. The resistance of the logarithmic scale trendline is considered to be more consistent with Bitcoin's past bullish market exponential growth patterns.

[BTC's logarithmic monthly chart.: TradingView/CoinDesk]**【Related Articles】**What is Bitcoin

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