What a wild ride it’s been for bitcoin lately — whether you need to cash in on higher values or simply enjoy the volatility, the market in 2016 has produced something for everyone. Where will it head next? Our price analysis is looking positive for the time being.
Price Analysis: Long-term
Prices are heading on an upward movement, which is expected to double present quotes during December. Another bullish flag pattern seems to be taking place in the chart. If it confirms, quotes should reach a trigger zone at 820 from where many analysts could evaluate a significative rise to new objectives near 1500.
Prices recognized the recently built support at 700 to start the current climb to the trigger area at 820, where some kind of euphoric bubble would take place to drive the action far higher, and beyond all calculated technical objectives — also perhaps reaching 1500. According to indicators, the market is strong enough to sustain the present upward movement.
According to Japanese Candlestick Analysis, several supports are ready to restart the next rise even if a profit taking takes place or if the marketplace of big players forces a lateral movement. This intermediate support level could be evaluated at 700, 680 and 660, but prices look extremely bullish and the next relevant level could be analyzed at 820.
So it looks like the big decision for amateurs and pro traders is where to take the profits. With prices rising again within days of the last drop, it’s tempting to wait and see where the next run goes. Christmas and new year is once again a jolly season for bitcoiners, especially those who need to offload some crypto to buy presents and celebrate. Will it keep getting better in the new year? Either way, things are looking pretty positive right now.
What’s your prediction for bitcoin in the short and long term? Let us know in the comments.
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.