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Bitcoin Price Analysis: Are the Bulls winning?

The traded value of Bitcoin has seen various booms and busts in demand. Timely technical analysis helps investors and traders predict the market trend. a thorough, well-researched latest bitcoin price analysis can predict all the sideways moves, uptrends, and downtrends. In trading, timing is of crucial importance and the best time to enter and to exit a trade can be predicted with a good analysis to yield the most profitable results.

Goldman Sachs Group technical analyst Sheba Jafari has predicted that Bitcoin could rise by 23% in the short term with the possibility of going higher in the 28-page packet of slides sent to clients. This is not an indication that the bank is bullish on Bitcoin, yet. These do not count as the ‘official view’ of the analyst.

As long as Bitcoin doesn’t retrace further than the 9,084 low, retrenchment can be used by investors as an opportunity to buy on weakness. Bitcoin which is presently at $11 365, could climb as high as $13 971. Since June 26 this year, Bitcoin has plummeted by 11%. The Bitcoin chart offered technical analysis on everything from bond yields to gold.

In the latter part of 2017, Sheba Jafari cautioned traders against betting on a surge past $8 000 when she had looked at Bitcoin. Before collapsing, the coin had hit the $20000 mark then. For the purpose of analysis and prediction, Elliott Wave theory (the product of the American accountant Ralph Nelson) was used by Jafari. According to the theory, three-wave corrective move in the opposite direction follows a five-wave gain or decline.

Bulls do seem to have won over though with Bitcoin recently busting through the top of its descending triangle pattern and with effective completion of the retest. Higher Fibonacci extension levels seem to be next for the price. The 50% level is closer to $12,700 while 38.2% level lines up with $12,300. The 61.8% level lines up with $13,000, 78.6% level with $13,628.02 with the full extension being at $14,317.22.

Bearish pressure is indicated by the price that dipped below the 100 SMA dynamic inflection point. If the price makes another dip, The 200 SMA might serve as a dynamic support. However, Bullish pressure might be making an early return, as indicated by the move up of RSI without even dipping into the oversold region. The presence of bullish momentum is signaled by Stochastic heading north, which also suggests that price might follow suit.

US regulators have yet again decided to delay their decision regarding ETFs, which puts Bitcoin under downside pressure. Bitwise, Wilshire, and VanEck are three ETF projects lined up for decisions. An official decision on Wilshire is set for September 29, Bitwise for October 13, and VanEck for October 18.

After Facebook’s announcement of its Libra plans,  Bitcoin and other cryptocurrencies have also attracted discussions with the stricter inspection. The reasons to stay bullish at this time can be summed up as the following: incoming Bitcoin halving, additional easing from central banks and positioning by institutional investors ahead of time.

This post first appeared on Coin Market, please read the originial post: here

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Bitcoin Price Analysis: Are the Bulls winning?


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