Today, December 17, the price of the first cryptocurrency suddenly broke out of the flat, within a few hours having gone through about $ 200.
On the half-hour chart of Bitstamp, you can see that growth is accompanied by a significant increase in trading volumes. At the time of this writing, Bitcoin is approaching $ 3,500.
As analysts at CoinDesk note, the price has successfully worked out two patterns that signify an upward correction, or a trend reversal. These are the Falling Wedge and the Inverted Head and Shoulders:
#BTC
As discussed in the first tweet, BTC has been above the inverse H & S neckline. pic.twitter.com/Ol0HlaInlD
– CoinDesk Markets (@CoinDeskMarkets) 17 cents 2018 r.
Famous trader Peter Brandt agrees with them:
I of afternoon sent Yesterday for These to two two charts to members of @ BitcoinLive1 Along with comment That $ The BTC WAS set up closeup for a counter-thrust Trend. pic.twitter.com/6qIMTltoqJ
– Peter Brandt (@PeterLBrandt) 17 December, 201 p.
As you know, the sharp rise in Bitcoin pulls up the whole market. Today is no exception to the rule:
In the "green zone" almost the entire first hundred CoinMarketCap . Total market capitalization at $ 111.5 billion
As for the short-term prospects for restoring the market as a whole, CoinDesk is confident that capitalization will soon reach $ 131 billion.
#Crypto Market Cap is the reversal sign (near term) – the falling wedge.
Measured move (base range added to breakout point) sets estimated target of $ 131 billion. pic.twitter.com/E5Z2OGCWFf
– CoinDesk Markets (@CoinDeskMarkets) 17 cents 2018 r.
Note that exactly a year ago, Bitcoin reached a historic maximum, coming close to the $ 20,000 mark. Since then, the price of BTC has slipped by more than 80% .
Earlier, BlockchainJournal published a review of long-term bitcoin price forecasts from well-known cryptocurrency market analysts.
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