The past week has been one of the most positive for bitcoin since the beginning of the year. The cryptocurrency market continued its steady recovery, its re-capitalization approaching $300 billion.
On future possible scenarios of the price movement of bitcoin, and the future will tell Ethereum CEO service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
The price is the main coins rises $1300 and a fully realized script with reversal “Inverted head and shoulders” about possible implementation which were discussed in the last issue of the review.
Finally overcome the level of $6,800 USD, which has long been inaccessible. Before the breakout of this level, the price several times from him strongly repelled.
The successful implementation of the figure “Inverted head and shoulders”
What can you expect next? After a breakout of the range of $6800-7000 we for several days observed the consolidation of prices and volume accumulation. Today, the price rushed upwards.
Also at the beginning of the upward momentum of the price of BTC dipped noticeably altcoins. This suggests that, in bitcoin come in large volumes and the situation begins to resemble the summer of last year.
However to go above $8000 now is very difficult. This mark is the upper flat face of the triangle, which was formed in the spring. While beyond the scope of this piece, the price never came out.
Most likely the price will go to $7900-8000 and there will be followed by massive sales. From $8000 to expect a short correction, which will appear on the chart as flat down.
BTC/USD flat triangle
As expected, the ETH was able to update the local maximum and reach the level of $514. Then came the pullback overflow altcoins in BTC. This week we again expect $500 and consolidate above it. The aim of the new movement will become the level of $550-560.