Bitcoin price breaks trends, looks bullish
Bitcoin price bounces back
This week, Bitcoin has been on a nice bull run, and has broken two previous declining trends, as seen in the screenshot above. This could largely be attributed the the support that the User Activated Soft Fork is gaining.
Also, more governments are looking into Bitcoin use and regulation, and this also has a positive effect on the price. See this article here, about the South Korean government:
https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/
I bought the dip, did you?
In my previous post, I noted that $2250 is a good price to buy at, and even went as far as saying "Bitcoin is on discount". Since then, that price has been near the bottom.
Anyone who got in then, is sitting on a decent 5 - 10% right now. I actually sold my car to buy Bitcoin at that price! See this prediction here:
Above: An image from my previous post (last week), calling a buy a $2250.
Below: An image showing the current price of Bitcoin, and how the prediction has played out so far.
From here, it all looks bullish, however, there are many factors that determine Bitcoin's price, and we still need to see consensus among miners and the community as a whole, in order to break new all-time highs.
For now, I remain at my previous position on price, which is that we will still have some resistance around the $2800-$3000 zone.
Good luck to everyone, and bear in mind that this is not trading advice! If you enjoyed this post or found it helpful, please don't forget to upvote, and follow me to see more of my content!
Bitcoin has been very strong lately comparing with other altcoins.
Yeah it has definitely been the most resilient crypto
We need to break 3000 and then upwards
Hopefully after segwit gets implemented (safely) that will happen
I think BTC is strong as ever.
I agree!
Good news dude
Yeah, very exciting times indeed!
Where did you learn technical analysis? I'm looking to learn for investment purposes
Online. Investopedia has very useful theoretical information, and then on www.tradingview.com , you can watch other traders and see how they make predictions etc. It also takes a lot of time and effort, and watching the charts. But pretty much all over the internet is great information.
I also watch YouTubers, a good trader that I would recommend watching is Tone Vays. He explains technical analysis well, and has been in the Bitcoin space for a very long time. Check out his videos.
Good luck with your investment and trading if you plan to try it!
Will definitely check out these sources. Thanks for the information!
Any time!
Nice blog. I was about to post a similair thread. The price of a coin should depend on the quality of the product, the team behind it, if proffesional investors believe in it, and a lot more facets. I found this great website: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. On: https://www.coincheckup.com/coins/Bitcoin#analysis For a complete Bitcoin Investment research report.