Bitcoin set to reach new highs.

in #bitcoin4 years ago (edited)


A lot of movement in the price of bitcoin lately but i dont think its finished for 2017 yet, a lot of positive signals coming from multiple indicators shows a move higher soon is likely from $16.6K at the time of writing.


Previous analysis from the 3rd of December showed $18K as the short/mid term price and this was achieved on the 8th of December,that analysis can be seen here in detail :
Short to Mid-Term Bitcoin Price Analysis

Chart parameters


1HR candles

2 week time frame

Fibonacci Retracements

Bollinger bands

EMA & SMA

Stoch Rsi & RSI



Fibonacci Retracements

bitfinex-btcusd-Dec-14-2017-21-0-50.png

Moving frequently between 78.60% and 100% looks like there will break upwards to next level at $21.4K.




Bollinger bands

bitfinex-btcusd-Dec-14-2017-21-15-46.png

Bollinger bands narrowing called 'The Bollinger Band Squeeze' meaning volatility is leaving and a break to the upside above the top band is near.



EMA & SMA

bitfinex-btcusd-Dec-14-2017-21-21-57.png

EMA and SMA converging which would point to incoming uptrend.



Stoch Rsi & RSI

bitfinex-btcusd-Dec-14-2017-21-28-1.png

With Stoch RSI at 0.62 shows mid range with volume no indication up or down, RSI showing 49 is room to move above with 35 being an average oversold and 70 an average overbought.


Conclusion

Most indicators point upwards so i think the price will move up to the next fib level with $21.4K top and $19.6 bottom.



Chart Indicators supporting material


1HR candles How Many Candles Should be Viewed on a Chart?

2 week time frame Choosing the Best Chart Time Frame

Fibonacci Retracements : stockcharts.com

Bollinger bands : The Basics Of Bollinger Bands

EMA & SMA Moving Averages - Simple and Exponential

Stoch Rsi & RSI investopedia.com



Trading anything there is always a risk,dont trade more than you can afford to lose.
The information contained is to help formulate a trading strategy always do your due diligence on research and consult multiple viewpoints and opinions before entering any trade.


Charts From : cryptowat.ch

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Another good reason to HODL bitcoin :D Thanks for this info!

I agree with you, the year 2017 is not over yet, the bitcoin will rise even more before the end of the year.
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