The year 2020 is so far quite profitable for Bitcoin. The Bitcoin price touched its most important point since November of 2019. The Bitcoin price has grown by over 22% over the past 6 days. This increase was not unusual for readers of CryptoTicker, because we predicted it so. Therefore, today we want to look at the Bitcoin price and make a forecast of where the price can go.
The Bitcoin Price- The breakout has occurred!
If you want to take a close look at the current situation, you should read our last article on the Bitcoin Price again. So the breakout has taken place and has given everyone who has traded it a good plus on the account up to now. After the neckline was broken with the closing price, there was a clear buy signal. The question that inevitably arises is: How far can we go further up here?
Bitcoin Price – The goals of the current formation and important resistances
When you think about trading, you should always keep risk management in mind. For traders, this implies in the current condition that they can no longer suffer losses and that they should defend the current profits. Of course, the current development works into the hands of Bitcoin buyers, as the Bitcoin price still makes small serious attempts to correct it. Nevertheless, you have to think about the upcoming resistances that have the potential to send the Bitcoin price down again!
- The formation of the current iSHS breakout has a target price of $8750.
- Another strong resistance can be found in the horizontal zone around USD 8,588.
- The mother of all resistances for this movement, the golden pocket, is found at $ 8977 – $ 9109
Bitcoin’s price forecast has always been complex with interpretation, with various circumstances affecting its progress. The other thing is stresses between the USA and Iran are increasing rapidly after a very high equity market gathering. This could be a turning point for Bitcoin as traders and investors turn to non-correlated assets.
Bitcoin is the best place to invest for those people in Iran who want to preserve their assets, and that simply is sufficient to push Bitcoin Price towards its peak. We have to wait and see how things go.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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