Click to Watch in HD > Bitcoins Price Keeps Rising, But Is $6,000 in Reach. MASSIVE PRICE EXPLOSION 2017
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Bitcoins Price Keeps Rising, But Is $6,000 in Reach MASSIVE PRICE EXPLOSION 2017.
Bitcoin hit a new record high of $5,856 on CoinDesks Bitcoin Price Index this morning, but the question everyone will be asking is, can the rally continue?
At press time, bitcoin is trading at $5,610 levels, as per CoinMarketCap data. Bitcoins week-on-week performance of over 28 percent (up more than $1,200,) is double S and Ps year-to-date gains of 14 percent.
Further, the cryptocurrency is up 96 percent from its Sept. 15 low of $2,980, and, on a year-to-date basis, is up almost 500 percent.
Following a rally of such astonishing proportions, it would be quite logical to assume bitcoin prices will trade sideways, or witness a healthy pull-back in the short run
The price action analysis indicates that bitcoin could find a short-term top in the range of $5,800-$6,000.
Bitcoins price suffers a corrective pull back every time the stochastic and the relative strength index (RSI) signal overbought conditions (marked by hand sign and red circles on the chart). The stochastic oscillator is a chart analysis indicator that helps determine where a trend might be ending.
The trend line drawn from the July 16 low and Aug. 22 low and extended further is seen offering resistance around $6,100 levels.
Though overbought, the RSI is still rising. Meanwhile, the stochastic is looking to retreat from the overbought territory.
A technical correction would gather pace once the RSI starts losing altitude.
A short-term consolidation around $5,800 or brief spike to $6,000 followed by a short-term pull back to $5,000-$5,300 looks more likely.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Bitcoins Price Keeps Rising, But Is $6,000 in Reach. MASSIVE PRICE EXPLOSION 2017