Bitcoin Price Is Volatile, but Still Look out for $3500
Have recent weekend bitcoin price crashes got you feeling down? Hope you didn’t buy too high. Right now things could easily move either way. All cryptocurrency prices are volatile and you can make a fortune predicting them correctly — but short-term holders should beware of sudden drops.
Bitcoin Price Technical Analysis
Long Term Analysis
After a lateral sideways market that consolidated the $2,600 support and the $3,000 level as a reference, prices are ready to break up and keep on marching to $3,500 and beyond.
Volatility is extremely high and quotes could climb significantly following a big flag pattern, even higher than the technical objective, powered by news and political factors.
Mid Term Analysis
While volatility and volume increases allowing Bitcoin’s higher ambitions to hit near $3,500, a big “head-and-shoulders” seems to be taking place in the chart to dramatically end the uptrend. If that’s confirmed, it’ll stay under the neckline at $2,350 and below.
These two opposing figures overlap with a third one: a big triangle, which basement transferred to the upside matches $3,500 — and for the downside would send prices back to $1,900.
Short Term Analysis
A big triangle takes hold in the chart, overlapping a bearish head-and-shoulders and a bullish flag.
This means that when prices move outside the triangle, the quotes could run very fast up to $3,500 — or down to $1,900, powered by investors massed by rumors and news. The indicators are flipping up again following the last May pattern that signal a rise.
This all makes the short-term a very risky proposition. Even the medium-term is impossible to predict at this stage. We’re at the stage now where breaking news could shift the price markedly either way, so keep a close eye on what’s happening.
Are you still trading bitcoin, or something else? Let’s hear your thoughts in the comments below.
Images via Bitstamp, Pixabay