Bitcoin technical analysis – Will prevail optimism in the market
Looking back at the past week
A week went very quickly and you can not say that on the bitcoin market nothing happened. My pessimistic prediction turned out to be indeed too pessimistic, although for a brief moment, the price of the target level of $ 340 after all closer. It was November 21, this day on Bitstamp was selling 1 BTC for $ 342. Any subsequent rise was expected. During the week, the price of Bitcoin climbed to $ 395. On Wednesday and Thursday, there was a profit.
Aim for next week – bitcoin over $ 400
Technical analysis shows that the price stabilized roughly in the middle of the horizontal channel in which moves the last two months. The channel is capped by price about $ 450 and from the bottom around $ 317.
My prediction is optimistic this time. Since there was a trend line break and actually fail descending pattern, then in my opinion the market prevail optimistic mood, although still with great caution, as suggested drawing. Blue ripple shows the movement of the seven-day average. In the short term the price may drop to the bottom rising trend line, but not much (for more than one day) exceeded. Resistances can be expected near costs $ 450 activity. I recommend to buy under $ 370, with a target amount of USD 420-440.
Disclaimer: These articles can not be considered as investment advice but just technical analysis and is still advice, not to engage in speculation on the BTC stock exchanges with money that you can lose. High gain, entails a significant risk of loss and on BTC markets, it is doubly true. Here end my technical analysis.