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Trading Analysis Week 20 for Bitcoin and Litecoin

Bitcoin Price Trading Analysis

Trading analysis week 20 showed Bitcoin trading to a high of ZAR 7,370 this week, before retracing downwards. In the short term, the price chart looks somewhat neutral. Trading sideways, with downward momentum, would see a price movement of ZAR 7,070 – ZAR 7,545.

If a bearish trend emerges we could see a move to a low of ZAR 6,667. But this would be a short term action. The medium term (3-months) would see a continuation of the larger bullish pattern.

A move above ZAR 7,540 could easily see a continuation to ZAR 12,700 – 15,865. With the supply halving approaching, we could well expect a move to new all time highs.

South African Bitcoin entrepreneur and investor Vinny Lingham predicted the sideways movement of the bitcoin price these last 2 years. He recently updated his expectations, in a widely shared and publicised blog post.

Bitcoin is on the way up, not down, creating upward price momentum. Further, a developing “…trust in exchanges…”, like iceCUBED, will foster further price support.

For Vinny, Bitcoin is a commodity, not a currency. And he firmly believes the “headwinds that were holding back Bitcoin, will take the price up to the $1000+ mark, this year.”

Precisely why @VinnyLingham is likely right on money when he predicts mother-f@@@er of a short squeeze post halving

— Gautam Seshadri (@GautamSeshadri) 8 May 2016

He cites growing industrial use cases, and a coming short-squeeze, as two key reasons on why he predictions have returned to bullish. Also, Bitcoin is still nowhere near being fully realised as a strategic global asset, a position that it deserves.

Litecoin Price Trading Analysis

The Litecoin price also looks bullish. The narrowing of a medium-flat formation would indicate a correction to the medium-term, upward trend.

So we can expect a continuation of the bullish pattern in the longer-term, now the flat is completed. The price of about ZAR 60, was the point to look at, for the upward bounce. Probability indicates this upward trend should continue.

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