Bitcoin

Bitcoin is recovering strongly, with 9,500 dollar is in sight

The march will begin tentatively be good for bitcoin. In the first six days, and is a value which is at least eight percent! The share price is well above the 9,000, the $ 8.009 million). What caused this increase? And the how to do bitcoin, it is actually in comparison with other markets?

Falling wedge and bull flag

In retrospect it is always easier to be seen, however, the bitcoin price had two of the formations that point to a rise in prices.
As of the 26th of February until the beginning of march, it moved to the share price in a falling wedge. That is, the two blue trend lines both of which fall, however, to move around in. This is, in a lot of cases, it will be a good sign of growth.
Below was the exchange rate directly as a bull flag. The first is a rise in the exchange rate is fast (green arrow), then pull the value that is located between the two parallel trend lines. Breaking the price out of a bull flag, then the target is approximately the same size as the first to rise.

The price of bitcoin move so as to exactly by the book. But it is also helpful that over the past few days, enough positive news. Wednesday began with the Supreme court of India banning banks from doing business with cryptobedrijven. On Thursday legalized in South Korea in the trade in the cryptocurrency. Both, the positive news is that the course can respond to it.

We expect the bitcoin price to

So, what can we expect from the course? Therefore, we will look at the Fibonacci sequence. 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 on technical analysis.
The technical analysis is to draw the Fibonacci retracement from the top to the bottom. The numbers on the right represent the ratio between the bottom and the top. These areas provide a clear resistance and support.
Bullish
Is a rise in the price, the next resistance is around 9.500 usd (8.426 million). This seems to be in the middle of February, even as a support.
Bearish
But it drops to bitcoin, then you will find the support of 8,500, the $ 7.542 million). This corresponds to the last of the soil at the beginning of the end of march. Lowered the price even more, it is the support of 8,000, the $ 7.095 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.