Bitcoin

Bitcoin is on its way to $ 11,400 for 9.450 dollars?

We have only a brief time of a bitcoin is above $ 10,000 (9.167 euro) to be allowed to enjoy it. This past Sunday was the highest of the year, 10.200 dollar, or 9.350 euro. Shortly after, the stock price is already in a correction, and now we have bitcoin 9.730, the $ 8.920 euro as well. So what can we do, the price to be expected?

CME currency futures, the gap gave a jump start to the fall

Yesterday, you read some, that is a ‘gap’ in the market price of CME Group, led to the fall of this past Monday morning. At the CME Group can you trade in bitcoin futures, you are speculating on the exchange rate.
CME Group is a is not open on the weekends, but that is the price of bitcoin will remain on the other networks, just move in. Therefore, there is a kind of gap in the stock price, which is called a gap.
The theory is that investors, such a gap is like to be filled in to be. In other words, the price must be below the opening of the CME Group, the value of the hole reference. That was Monday and then it happened.
On the left you can see the direction of the derivatenbeurs CME Group, which is the right of the cryptocurrency exchange Bitstamp. You can see on the left is a huge hole in the bitcoin price. On the right you can see the hole for the weekend, ‘filled’, it is the arrow to the right).

However, the trend line is still intact

To fill the gap, it is the most probable reason for the decline. However, it can also be a healthy correction after the rally of last weekend.
If we zoom in on the graph, we can see that bitcoin is still in a rising trend. The price is moving in a channel between two parallel trend lines in this.

Price found support at the Fibonacci

Despite the fact that the share price on Monday dropped state, bitcoin is still doing well. Bitcoin can be supported at a significant level. Before we get to our old friend, the Fibonacci are there. The Fibonacci sequence will be still flawlessly for the resistance and support.
Fibonacci was an Italian mathematician in the twelfth century, it is a simple set of numbers is described. This sequence of numbers, which are now widely used in natural proportions, is described. For example, in the field of film and photography, but also in the engineering analysis.
We have the Fibonacci sequence on top of bitcoin, in 2017, to get to the bottom of a december, 2018. The structure of this series is to give the supports and resistances to it.

In the chart above, you can see that the bitcoin exchange rate in may of 2019 at the latest by the red line which is broken. The red line was back in november, 2019 at the latest, until January of this year, to be important, it had at the beginning of this year, as a support.
But it gets more interesting when we zoom in on the graph. And then we come with our views. You’ll feel it coming:

So, what can we now expect from the course?

In the chart below, you can see that the second line from the bottom is a very important one the area, around, 9.445, the $ 8.660 million).

Bearish: 9.445, the $ 8.660 euros)
This one line will let you know the support is from June to september, 2019. But the strong resistance in October, 2019, when the bitcoin was not able to set up this ending.
Now, that’s worked out pretty well, and for the price well, higher than this line. 9.445, the $ 8.660 euros), you can now once again serve as a strong support. Should the market price drop, then this is the place to be looking for.
Bullish: up to $ 11,400 (10.450 euros)
It rises in the course of the next few days? It is the top of 10, 200 us dollars (9.350 eur) from Sunday to the next resistance.
In the best case, is looking for bitcoin is the next Fibonacci level, which is connected with the upper end of the channel. In this case, it raises the price to $ 11,400 (10.450 million).

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.