Bitcoin Price Headed for $3500 After Reaching New All-Time High Over the Weekend
The $3,000 bitcoin price has been broken. Now, according to technical indicators, the next stop is at $3,500.
Bitcoin Price Technical Analysis
According to Gann Angles Analysis, the weekly chart shows a continued price rise while the market tries to accomplish the next theoretical objective at $3,500. Volatility indicators remain high, which could allow another needle-like jump to the upside.
This technical possibility has fundamental backing via political factors in China and Russia. Furthermore, media coverage of the skyrocketing bitcoin price will increase mainstream investment.
Quotes are still bullish in the mid-term after the market established a bouncing zone that allowed a flag pattern with an 800 point pole. This pattern could drive the bitcoin price up to $3,500 and possibly higher. If such a rise does happen, we can expect a zig-zag pattern due to intermittent profit-taking.
The Relative Strength Index further confirms that the bitcoin market has enough strength to consolidate at the $3,000 level on the way to an even higher bitcoin price.
Short-Term prices seem to have abandoned the rising channel established in March 2016. Therefore, we need to transfer that channel upwards, leading us to mark the next short-term resistance level at $3,150.
According to Japanese Candlestick Analysis, the price can rise beyond $3,000 given backing by the momentum indicator and the moving averages.
Assuming fluid trading volume, the support floor in this rally is estimated at $2,450. From there, the price seems to have a solid base to allow its continued growth.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
Image via Pixabay, bitcoin price charts via BitKan
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