Bitcoin broke above $2800 again, and has continued to consolidate and build support at some good levels. Let's take a look.
The price of Bitcoin broke out of our flag formation yesterday and broke above $2800! It has been retesting some key support areas(red circles) at the $2830s and $2860s. This is exactly what I hoped it would do. Instead of blasting all the way up to $3000, it's laying a foundation in the mid $2800s. This will become a good thing later on.
I would expect price to continue to consolidate in this ascending triangle pattern through the night. It should keep inching it's way toward $2900, at which point I think we will see another pop, possibly on up to $3000. The trend line is still holding, so I don't foresee price pulling back.
The good thing about it building all this support in the mid $2800s is that we have a point of reference if it does decide to test $3000, then pull back. I'll take a $2850 Bitcoin any day of the week! However you approach Bitcoin right now, keep your stops tight and trade safely.
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Soon $4K and $10K in September!
It's certainly possible!
I am thinking of just keeping my bitcoin. I am sure lots of people will sell when it hits 3k but I'm in it for the long haul!
Same here, @cryptoviking! I don't even trade my bitcoins. I just like doing the technical analysis on it to see what it might do. I only trade altcoins to earn more bitcoins. :D
Hodl
so what price would you think it'll peak at?
Peak? Millions...
hmm in a reasonable time frame. like by the end of this year
End of this year.... $5k - $10k is possible. It depends on how well the UASF goes really. With Segwit, I think price could easily double.
I agree. depends on how things go this summer with the UASF and in-fighting
meep
Great piece! The sky is the limit! :)
Yeah man! It's going to be an exciting year!
great post!
Thanks!
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