Next Stop For Bitcoin: $4,500

Share This Article
August 13, 2017 1:09pm NASDAQ:COIN

bitcoin-coin

After a period of consolidation last month, Bitcoin looks poised to continue its massive bull run all the way up to $4,500 within the next several days.


That’s according to Aayush Jindal of NewsBTC, whoe has a great technical analysis of the current price trend:

Bitcoin price after the Hard Fork continued to gain momentum above $3000 against the US Dollar. The upside was so strong that buyers were able to break key resistance levels like $3700 and $3900. The price even broke a milestone level of $4000 and recently traded as high as $4098. The current uptrend is very strong and putting a lot of pressure on other cryptocurrencies like Ethereum.

During the upside move, there was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD. It has opened the doors for further gains above $4000 in the near term. The stated triangle at $3900 might act as a support if the price corrects lower from the current levels. The 23.6% Fib retracement level of the last wave from the $3232 low to $4098 high is also at $3894.

Bitcoin Price Weekly Analysis BTC USD

Bitcoin prices were at $4,103.49 on Sunday afternoon, up 4.74%, so a call for $4,500 certainly isn’t out of the question at this point. The price action subsequent to the Hard Fork event has been incredibly bullish, and momentum is reaching a fevered pitch, so we may need another pullback or consolidation first, however.


Read Next


Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular


From Our Partners


Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories