I have been keeping an eye on the price of Bitcoin for months now and it seems that the latest forming pattern is a sudden price increase, followed by a 40-45% decline, followed by another even higher increase. It’s been happening over and over again for the past two months. I wonder if the Greeks had anything to do with the latest price increase that reached a solid $272 USD per Bitcoin?
Once again we find ourselves in the midst of another correction. At the moment it seems like the $260.123 low is another great entry point for a LONG position, however we still need to wait for confirmation.
Breakout signs on the W1
If you take a look at the W1 chart of BTC/USD then you immediately see that the Bollinger Bands indicator has been broken. Given the fact that the Bollinger Bands were coming closer and closer together for a very long time, it would seem that a price increase of massive proportions is ahead of us. Still, we will need to wait for the end of this week for the candle to close above the upper Bollinger Band.
What lies ahead
The technical analysis is showing great potential for long term increase. Heck, even short term bullish rallies have become “the thing“.
The Greeks and eventually the entire world seems to be heading in a very bad direction economically speaking, which would of course mean that investors are desperately looking for other ways to stay afloat.
Given the fact that the NYSE started to officially monitor the price of Bitcoin we can safely assume that a lot of people are going to hoard Bitcoin soon enough.
This post was written by ynef