Bitcoin Price Technical Analysis
Bitcoin price rose almost 250% since last major correction, The upside move in bitcoin As per CoinDesk’s the world’s largest cryptocurrency by market capitalization rose to a new all-time high of $19,783.06 today, Clearly, the bulls are in control and could take prices well above the $20,000 mark
It was not realized a year ago that the Bitcoin was trading below $ 1,000, The move towards $20,000 is A major part of the rally from $ 6,000 A significant correction (Nov. lows)
Whether the avalanche of Bitcoin has begun or is it a healthy correction that will continue to new heights?
Last November Market action traders saw bitcoin markets plummet over 25 percent in value to a low in the $5800 range. When markets in Japan and South Korea opened, the price rebounded a touch coming close to capturing $7800K, but traders failed to reach that point. During the earlier hours of Saturday morning, bitcoin’s price started diving again, dropping seven legs down to a low of $6,300. BTC trade volume is still holding steady and has been capturing roughly $5B or more in trades over the past 72 hours.
But from those days a lot happen and bitcoin rose to the sky, but, will this bitcoin flight going to stop for fuel crash or continue to the moon :
I want you to pay attention to Bitcoin’s previous move when he started out when he rose from $ 80 to $ 1200 and then rested a few years before his big year, which is 2017, symbolizing a breakthrough and a new era.
If the case now similar so you should expect to see bitcoin going to 24-27k and from there I think a big correction should appear on the screen – my assumption is that in the beginning of 2018 (im target mid-January as potential date for this move
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Technical analysis:
pay attention to 15800$ price level! – closed below this level will send bitcoin to cope with 13200-13600$ price area, or even to lower price to the 9300$ priceWhile stay above those levels could send bitcoin up again over the last recordLong-term trend forecast moved is still up as long as 15800$ will hold!Break below 13200-13600$ on weekly basis will send bitcoin to 8600 $ while break below those levels will lead bitcoin to cope with 7200$
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