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Bitcoin Price Breaks $640, Are We About to Go Even Higher?

Source: bitcoin

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The bitcoin price has undergone another small rise, hovering around $640 at press time. Nothing huge, but every step counts.

Also read: Bitcoin Price Makes Huge Gains as Yuan Crashes

Bitcoin Price at Highest Level Since Bitfinex Hack

As one analyst points out that bitcoin has reached its highest level since August, when Hong Kong-based bitcoin exchange Bitfinex saw over $70 million in BTC stolen from its storage wallets. Bitcoin immediately plummeted following the attack, and has been relatively slow regain ground. For now, though, the currency does appear to be making headway.

According to some, this is only the beginning. One source explains that further rises are likely to occur in the coming weeks, and investors should keep their eyes open:

“BTC price managed to climb higher and registered a close above the $635 resistance. There was a nice upside move, which took Bitcoin price above a couple of important hurdles. There was a new weekly high posted at $647, and currently, the price is consolidating. There is a flag pattern forming on the 4-hours chart of BTC/USD. It may play a major role in the short term, and could spark yet another rally.”

A separate source speaks of growing activity in China. Investors and miners in China make up the majority of bitcoin-related activity, and as the country’s wealthiest individuals look for new ways to solidify their assets, bitcoin is on the verge of spiking in both price and reputation:

“We are finally showing progress in the long-term chart. All of our core key indicators are showing bullish confirmations across the boards. First, we can see that we are starting to break out of the lower part of the trend channel, which is a very bullish signal. We can also see that the volume in the recent breakout has picked up to levels we haven’t seen in almost a year… We remain bullish on Bitcoin as we are in a long-term trend.”

However, there is still the vague warning that bitcoin runs the risk of stepping into bearish territory granted it support areas fail, dropping the price into a wedge:

“BTC still has some tough resistance to break through… There is the possibility that BTC is in a rising wedge, which could be considered bearish. BTC should test that upper trend line in the coming days which will act as some resistance. We should see a major short squeeze if BTC is able to break above the rising wedge.”

Do you think bitcoin will undergo another massive price change soon? Post your comments below!


 

Cover image courtesy of Getty Images.

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Bitcoin Price Breaks 0, Are We About to Go Even Higher?

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Technical Analysis: Weekend Bitcoin Price Slump Not Stopping Bulls

Source: bitcoin

Bitcoin Price Technical Analysis

Don’t be alarmed by the current slump in the bitcoin price. In fact, there is still cause for optimism. The market is going through a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820, keeping us right on track to hit the projections advanced last week.

Also read: Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally

Bitcoin Price Analysis: Bulls Still in Control

Long-Term Analysis

After testing the lowest support at the $580-$600 level, prices should enter an upward reversal pattern soon, which will allow an initial pull back to $700, extended to Fibonacci´s technical objective at $820.

The next stage could be an upward rally into the new technical cycle, which may be delayed until big players accomplish their marketplace. An ascending support ensures the breakout into a new bull cycle.

Mid-Term Analysis

Now, while quotes are testing the support level, a new bullish consensus is providing the concurrent elements that should start a consolidated new cycle to $700, and further to $820.

Mathematical indicators are showing buy signals, and current volume is providing the market with a chance to start a new bull trend from here to $1800, with several zig zag situations and profit taking areas.

Short-Term Analysis

Japanese candlestick analysis indicates that the market can sustain itself long enough to allow the quotes to rise into the intermediate congestion area at $700 on the way to $820, perhaps in a rally mode.

The first resistance level could be calculated at $700 because of the last month congestion which had sent prices to the current figures from where the new bull cycle is starting.

What do you think will happen to the bitcoin price? Should we be worried about the weekend slump? Are the bulls still in control?  Let us know in the comments below!


Cover image courtesy of Bitcoinist.net.

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Technical Analysis: Weekend Bitcoin Price Slump Not Stopping Bulls

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Bitcoin is Back: Price Rises Nearly $15, Returns to $460

Source: bitcoin

bitcoin bull

Bitcoin is back! After a temporary price drop since our previous price piece that saw it fall to a disappointing $448, our favorite digital currency has jumped back on the horse and commenced its journey into the sunset.

Also read: I Am Satoshi: Will Dr. Wright Cause Panic in the Bitcoin Markets?

The Bitcoin Rally Returns

The sentiment among the majority of market analysts was that the currency was on its way backward — getting ready for another massive slide into oblivion like what we witnessed in 2015. Bitcoin had reached another peak, but would be back at the $300 range in no time. Apparently, this wasn’t entirely true, and not everyone was convinced from the get-go. As one Cryptoinsnews.com reader explained:

“When using charts to invest, I always use the long-term time frames – weekly and monthly and the first thing I do is see if the medium-term moving averages are sloping up or down. For bitcoin, they are currently sloping up, so I would NEVER ‘think about the possibility of decline’ or try and short, I’d wait for the moving averages to turn down.”

Others were in agreement, and their words merely reiterate what many bitcoin fanatics already know: that there is more to bitcoin than meets the eye, and one can’t simply jump to conclusions too quickly. While things may appear downtrodden on the surface, there is magic occurring in the green room. This magic ensures that while the outer layer may be dried, the core is retaining its pulp.

Among the likely reasons for the temporary halt in bitcoin’s ascension was Dr. Craig Wright’s shocking confession. The Australian businessman and bitcoin entrepreneur made headlines when he told media sources that apparently he was the genius behind bitcoin; that he was the mastermind from the very beginning, and that he was the mysterious Satoshi Nakamoto. Naturally, the doctor was pressed for proof, which some feel he ultimately failed to provide. Wright eventually backed away from his statements, afraid of what further publicity might throw his way.

With the mystery behind Satoshi’s identity “temporarily solved,” many found themselves in a state of panic. The idea was to sell their bitcoins quickly to avoid the massive price decline that was expected to come with the news.

But the price decline never came, and Dr. Wright has disappeared from news platforms. As the hype died down, bitcoin crawled from its cage, reached towards the heavens and demanded its original status back. The coin has now jumped nearly $15, recovering from the press and emerging from the ashes as the stable, volatile currency that it is.

So we can be thankful, in this case, that bitcoin has a mind of its own. It came out of hiding right as the rage wore off, and those who kept their funds in light of the rough news can take pride in the fact that their wealth will expand once again.

Do you foresee a further advance in the BTC price? Post your thoughts and comments below!


Images couretsy of Venturebeat.com, RedBubble.

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Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

Source: bitcoin

Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

In our previous look at the bitcoin price, we observed that everybody’s favorite coin had hit a barricade in its attempts to reach the top. The price was being described as stagnant, and everyone began wondering if Bitcoin had found itself a nice little hole to lay in for the time being before continuing its trek to the final point of the financial mountain.

Also read: Bitcoin Price: Stagnant or Satisfactory?

The Bitcoin Price Rollercoaster Returns

But just when we all thought things weren’t likely to change from here, bitcoin has pulled a trick from its sleeve and surprised us once again. At press time, the price of bitcoin is equal to about $443, a jump of nearly $13 since our last publishing, and everyone is taking notice.

Such a rise hasn’t been witnessed in some time, so what’s behind it all? Some claim the ongoing negative hype consistently surrounding bitcoin may be dying down. No doubt several of us still read about digital currency in the news and think to ourselves, “I could never get involved in something so dangerous” (things like last week’s hacking of digital exchange ShapeShift don’t help when it comes to changing perspectives). As time has gone by, however, the idea that bitcoin is somehow a nasty seed that harvests criminals and financial abusers has been disproved through the efficiency and safety of the blockchain.

The technology witnessed in the blockchain can be labeled as near-perfect in the sense that it prevents problems one might encounter in a traditional banking world, such as statement fraud, from ever occurring. Transactions are recorded in real-time through a ledger system that’s nearly impossible to be tampered with by a single hand. As more have come to terms with this idea, our mutual trust of bitcoin and its respective technology has also grown.

Now the time is arriving where people are beginning to look at bitcoin as more stable than gold. It’s a day that many investors likely never thought would come, but now the day appears nearer than ever. Presently, the bitcoin industry is estimated to possess a value of approximately $6.6 billion. Of course, gold still stands in the high $100-$200 billion range, but the bitcoin industry is clearly marked with the word “billion” in its description. That’s “billion” with a “b.” Not an “m,” and things can only get stronger from here.

So if bitcoin still has you worried, the time to overcome your fear is now, before the price gets too high and you find yourself unable to join in all the fun.

How high will the bitcoin price get? Do you predict another massive rise? Post your comments below!


 

Image credit: Insidebitcoins.com

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Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

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