Analysis of the price of bitcoin: 10 000 is already very close
Over the past week, the price of the first crypto currency has grown even more, returning to its historical values and even updating the historical maximum. About how the price of bitcoin will behave in the future, the analyst of NEURON company and the permanent author of ForkLog Andrey Podolyan will share his thoughts .
In the last issue of the analysts, I suggested that after the fall the price would tend to the region of $ 7000. And it happened, only the positive surpassed all expectations - the price not only returned to $ 7000, but also updated the historical maximum.
On the weekly timeframe, you can see the technical analysis "Bullish Absorption", when the candle completely overlaps the previous one in the opposite direction. This is usually a strong signal to continue the trend. Consequently, this week I expect further growth to continue.
Looking at the daily timeframe, you can see that the price continues to move in the upward price channel. The next resistance is very close and is about $ 8300. I assume that the price there may slow down its movement, but in the future the channel will be broken and will cease to be relevant for analysis.
I can make an assumption that before the New Year the price of bitcoin will reach $ 10,000. The main impetus for growth should be the start of trading in futures on the CME exchange , during which volatility can sharply increase, as many new players will enter the market. Thus, December promises to be very interesting.
Ethereum
I can not write about Ethereum . A few months ago I suggested that we are moving in the global triangle on the daily timeframe. Now we are in the final stage and the price is close to the upper level of the border of the triangle (area $ 380).
Also, after analyzing a lot of options last week, I saw that all the current traffic fit into the framework of another rare figure called "A cup with a handle". Its shape on the chart is very similar to a cup from which we drink our favorite coffee. The main feature of this model: it appears exclusively on an upward trend and warns about its continuation.
What does this cup look like? This is the correction of the previous trend, the walls of which are represented by the movement of the price down (the left wall), and then up (right). Between them there is a bottom, which can look like a dense consolidation. The main condition: the cup should not adjust the trend more than 80%, or immediately there are doubts about the truth of this trend.
A cup with a handle is a fairly long-lasting model. Its length can be from 2 to 12 months. But, the longer the price consolidates, the more power it will have for the subsequent movement.
Below I will show an example of the formation and implementation of this figure on one of the historical graphs from the stock market:
And now look at the formation Ethereum draws to us :
Thus, we have at once two figures of technical analysis, which indicate the further growth of the coin. And with a breakdown of $ 380, most likely, followed by a rapid acceleration of the price. Next, we should wait for testing the historical maximum just above $ 400 and a trip to new heights, with potential targets of 450, 500 and 700 dollars for 1 ETH.
