Crypto Of The Day: Bitcoin
Bitcoin has just broken the trend line from the September 8 peak.
(Chart courtesy of Tradingview.com)
Looking at the four-hour chart, bitcoin has done a five wave (ElliottWave) impulse move from the August 27 low. The advance was followed by a three wave (abc) correction that ended on September 20. If this wave count is correct, we should take out the September 8 peak within weeks.
(Chart courtesy of Tradingview.com)
In the daily chart, I believe bitcoin is currently in the third wave (sub-wave three).
(Chart courtesy of Tradingview.com)
You can find my longer term wave count on bitcoin from here.
Disclosure: I am/we are long bitcoin.
"Needham & Co, a research group that accurately predicted an increase in the bitcoin price from low 400 USD to 650 USD has now revised their estimate upwards. With an estimated increase of 29 percent, the firm is now revising its prediction from about 650 USD per bitcoin to 848 USD. The reason for the increase is due to "faster-than-expected adoption and improving fundamentals," according to the author."
Source: http://www.xbtprovider.com/lang#home
Thank you for posting. Always interested in Bitcoin news. It appears The Chinese people are becoming interested in BTC due to capital controls and their penchant for gambling. Have you come across any articles with regard their interest?
I believe Chinese are included in this figure:
"Furthermore, the investment advisory firm has calculated that the total retail global market for retail payments will reach $67.5 trillion in 2020 and even if Bitcoin captures a tiny percentage share of this market, that will be a strong catalyst for increasing both the demand for and price of the cryptocurrency. The firm estimates bitcoin is likely to capture 0.28 percent of the retail payments market."
https://btcmanager.com/news/needham-co-raise-bitcoin-price-prediction-to-848/
Thanks for sharing. Happy to upvote and share this on Twitter✔ for my followers to read. Following. Cheers. Stephen