The calm before the storm for bitcoin. The price does not seem to be much movement, apart from the fall, etc.). However, appearances can be deceiving, and often are, as’a period of stability, huge price movement. Is bitcoin in the short term will go up or down? In this review, we examine two different scenarios.
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We are going to rise bullish pennant makes for a huge breakout
Let’s start with the positive scenario! One possibility is that the price of bitcoin itself have been moving in a bullish pennant. And you can make sure that the bitcoin will soon be a huge movement up is going to make it.
Are you looking for the bitcoin exchange rate euro, on a daily basis, from July 2017 up to and including today:
A bullish pennant is in the shape of a flag. First, the price of a big movement upwards, which has been in the back of the goal. After that, it moves in the exchange rate between the two trend lines in this. The formation seems to be a bit of a flag. Eventually it will break down the race to the top edge of the flag to make the race a big move up.
The increase, which will then, according to the book of the same size as the back of the goal. But with the boom draw is arbitrary. You start with the large increase in prices in april? Or do you pull the line in may? In both cases, an increase in expected direction, the highest price of a bitcoin all time: 16.500 euro.
We’re going to go down: RSI is showing a negative trend
But, of course, is bitcoin, it can be going in all directions. Therefore, we will describe a negative scenario. The Relative Strength Index (RSI), lead to a move down in bitcoin.
The RSI is an indicator of the momentum of the price chart. In the last few months, is moving the RSI is in a negative trend. The indicator shows lower tops and lower bottoms to see it. You can see the blue trend-line on the bottom of that page.
Continue this downward trend will continue, the market price of bitcoin in the next few days it will go down. The good news is that the 200-day Moving Average (MA) can be used as a support. In a bull market, when the stock price almost never the lower limit. This line is at the top price chart is indicated in green.
This is the scenario, then you can bitcoin come down to 7.200€. The credit for this observation will go into a crypto-trader, Josh Rager on Twitter.
The market is, in any case, be optimistic
It will be really exciting, just the way the bitcoin price? The opportunities are spread out, both scenarios seem to be possible. However, you can also take a look at the opinions of others.
In exchange, Bitfinex, you can bet on, respectively, a rise (long) or down (short sell) the bitcoin exchange rate. As well as the difference between the long (green) and short positions (in red) has never been more difficult. Investors expect rather an increase than a decrease.
The market is more positive than ever about the bitcoin price. Traders are hoping to flock to a rise in price of bitcoin. But remember to keep your head cool to the touch, it may be that both sides are on the go.
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Bitcoin exchange rate