Bitcoin broke all speculations and reached a high price of USD 18,400 earlier this week. Cryptocurrency enthusiasts are very optimistic about this “healthy trend” as contrary to 2017, there are not many hypes, scams, misinformation, and propaganda. Only positive events are fueling the price, such as increased adoption and spreading sound knowledge. Will the price continue to rise and break its previous all-time high or adjust back to a lower price level, opening buy opportunities for new investors?
Bitcoin Technical Analysis – Important Areas to Consider
Bitcoin managed to break all key areas of consolidation, discussed in a previous article, and designated by areas number 1 to 4.
After a downward consolidation channel, Bitcoin managed to strongly break through the upper channel and reach the high price of USD 18,400 (fig. 1). This high price was followed by a slight adjustment to go down to around USD 17,000, and hovering around the upper red horizontal line (fig.1)
Bitcoin Price Forecast – Where will the price go?
Following the slight price adjustment, Bitcoin is expected to further adjust and at worst, enter the yellow parallel channel, between USD 17,000 and USD 17,620 (fig.2)
For traders who are just entering the market, the above key areas are important stop-loss levels in case the price of Bitcoin turns the other way. In case positivity kept flowing across the crypto market, prices are expected to keep going up, reaching the next area of USD 19,000.
The Crypto market as a whole
In the last 24 hours, the top 10 cryptocurrencies by market capitalization were mostly down, due to the price adjustment that occured, except for Litecoin:
1- Bitcoin (BTC) : – 2.34 %
2- Ether (ETH) : – 1.25 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : – 0.98 %
5- Chainlink (LINK) : – 1.24 %
6- Litecoin (LTC) : + 6.83 % (surpassing BCH and BNB)
7- Bitcoin Cash (BCH) : + 0.73 %
8- Polkadot (DOT) : – 0.70 % (surpassing BNB)
9- Binance Coin (BNB) : – 0.33 %
10- Cardano (ADA) : – 0.79 %
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