How high will Bitcoin go?
The post How high will Bitcoin go? appeared on BitcoinEthereumNews.com. For most investors the question uppermost in their minds must be “How high will Bitcoin go?” This is the hardest money asset on the planet, so surely a few multiples of the current price should be in order before Bitcoin falls into its customary year-long bear market? Current Bitcoin price action is par for the course As things currently stand, holding Bitcoin cannot be much fun. If you are an investor who jumped onto the Bitcoin bandwagon when the king of the cryptocurrencies was around its high of $73,600, you have watched it go sideways for about two and a half months so far. However, this period of consolidation and accumulation is par for the course, and the case for Bitcoin moving upwards at some point in the near future is a reasonably solid one. The current price of just over $68,000 is only about 8% from the all-time high, and breaking this and confirming above will be the signal that Bitcoin is going to go higher. When the price breaks above an all-time high it then goes into what is called “price discovery”. This means that there are no longer any resistance levels from previous price action, so technical analysis becomes a bit like feeling around in the dark as to where the price might go. The amazing Fibonacci sequence That said, there is one tool left in the box of the technical analyst which is incredibly powerful. It is based on pure mathematics and has been around for centuries. This is the Fibonacci sequence. When used on previous price action for Bitcoin (or for absolutely any asset) the Fibonacci sequence levels are amazingly accurate at confirming or predicting major support or resistance areas. Source: TradingView For example, if one draws a Fibonacci from bottom to top of the…
The post How high will Bitcoin go? appeared on BitcoinEthereumNews.com.
For most investors the question uppermost in their minds must be “How high will Bitcoin go?” This is the hardest money asset on the planet, so surely a few multiples of the current price should be in order before Bitcoin falls into its customary year-long bear market? Current Bitcoin price action is par for the course As things currently stand, holding Bitcoin cannot be much fun. If you are an investor who jumped onto the Bitcoin bandwagon when the king of the cryptocurrencies was around its high of $73,600, you have watched it go sideways for about two and a half months so far. However, this period of consolidation and accumulation is par for the course, and the case for Bitcoin moving upwards at some point in the near future is a reasonably solid one. The current price of just over $68,000 is only about 8% from the all-time high, and breaking this and confirming above will be the signal that Bitcoin is going to go higher. When the price breaks above an all-time high it then goes into what is called “price discovery”. This means that there are no longer any resistance levels from previous price action, so technical analysis becomes a bit like feeling around in the dark as to where the price might go. The amazing Fibonacci sequence That said, there is one tool left in the box of the technical analyst which is incredibly powerful. It is based on pure mathematics and has been around for centuries. This is the Fibonacci sequence. When used on previous price action for Bitcoin (or for absolutely any asset) the Fibonacci sequence levels are amazingly accurate at confirming or predicting major support or resistance areas. Source: TradingView For example, if one draws a Fibonacci from bottom to top of the…
What's Your Reaction?
