Recently, the price of the first digital currency has updated the historical maximum. Bitcoin has become even more expensive, but there are still many opportunities to make a good trade. His thoughts on this account shared by BankEx analyst Andrey Podolyan.
First of all, I want to congratulate everyone on updating the historical maximum of bitcoin prices. We waited for this for a long time, and it happened. The value of the main crypto currency has passed to a new, more qualitative level, with which it is impossible not to be reckoned with. Most likely, we are waiting for a new round of bitcoin popularity, more articles will appear in non-core publications, gradually knowledge about crypto-currencies will spread to the most remote and unenlightened segments of society, which, in general, will positively affect the course.
Let's pass directly to the technical analysis.
The last three weeks of candles have not given the slightest chance to the bears yet, everything indicates a further growth.
The daily chart shows how the resistance zone was broken through a strong impulse movement in the region of $ 2900-2950 (yellow horizontal dotted line on the graph). There was a variant of formation of a double top, the price long "stamped" around $ 2800-2900, periodically undertaking attempts to decrease, which were severely suppressed by bulls. There is an opinion that the rapid growth was triggered by the massive cashing of Bitcoin Cash on Bitcoin.
It is always difficult to identify areas where the price can potentially reach and where it can stop (if it has never been here before, then it is rather difficult to predict further growth levels). Surely, when forming goals, many will listen to the opinion of major players, important media people and representatives of companies such as Goldman Sachs (whose forecast for 2017 is $ 4000 for bitcoins). I tried to tie myself to the rising channel (blue on the chart), the price clearly stopped at its border and now creeps along it. I assume further smooth movement with little kickbacks, which will quickly buy back. The potential zone, from which there may be a more or less tangible pullback - $ 3400-3500.
A four-hour chart
Last time, I suggested that at least one more wave on n4 in the area of $ 2900 is not enough, and so it happened: the price made a touch, a retreat and a breakdown. Now the level of $ 2900-3000, which was a powerful resistance, has become a powerful support. Thus, with a decrease in this zone, bitcoin will be repurchased.
Bitcoin Cash
As I assumed in the last article, most of those who received a new coin preferred to "cashed" a bonus that had fallen from the sky. Euphoria immediately broke down on the harsh reality, and the price along with the capitalization of the coin began to fall precipitously.
Yesterday the decline slowed, and the coin even found a fragile resistance in the region of $ 190-200. However, I think this is not for long - the price is unlikely to rise above $ 300 before the next dump and soon we will see the BCC at around $ 100 and below. At the same time, more or less interesting levels for long-term speculation will appear in the region of $ 50.