Bitcoin Technical Analysis and Forecast

Bitcoin has been in a downward trend since January of this year but will it go even lower or will it slowly rise? Although I don’t really believe that technical analysis is as good for crypto prediction as other predictions, it is good to look at patterns and numbers every once in a while.
The peaks of Bitcoin price has been getting lower and lower since the beginning of the year and that trend has not yet reversed itself although it may have a few weeks ago had it not been for the obvious market manipulation of the Goldman Sach’s “Fake News” and the $74 million short sell.
However, the lows on the Bitcoin graph chart hit a turning point nearly three months back in late June and the lows have been getting higher ever since. This creates two converging lines that will meet at around $6500 or $6600 and they should collapse in the area sometime in October. At that point I believe the catalyst is going to be good news or bad news and the news for the adoption of cryptocurrenices like XRP, IOTA, and XLM as well as financial products coming out from big companies like Fidelity, and positive regulation news will push Bitcoin into a new Bull market.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s