We still do not have the correction we had expected in bitcoin prices and what we have is a continuation of the breakout we had seen in bitcoin prices over the weekend. The BTC price has skyrocketed across the key area of $ 3000, which was a huge line in the arena for traders and now has gone through the 3400, in a few days and this breakout seems to foretell majors Gains in bitcoin prices.
Bitcoin continues its bullish trend but may be stopped soon
We have said this over and over again in many of our daily forecasts of bitcoin, which with the number of bitcoins being limited, the clear trend is only bullish. As long as the market can remain and remain strong and continue to attract traders and investors, the only direction for this instrument is higher and that is what we have been seeing in recent days.
We also observed yesterday that those who had missed the break of the 3000 would want to wait a setback before loading in their long positions. That setback has not yet come, but technically we believe we are in an area where there should be a correction very soon. The pattern AB = CD, a fairly old pattern but still operating in the markets, shows that the objective of this rise is the area of 3400-3500 and, as we are already in that area, we should see a correction soon. If it arrives, traders would be lurking near the 3000 area to buy more bitcoins.
The Ethereum market has also been fueled primarily by the bitcoin market and has been attracting more and more traders and investors. Those who can not afford to buy bitcoins are entering this market as it is relatively inexpensive and their market capitalization is also increasing day by day. In addition, with the Ethereum mining also drying slowly, it is very likely that within a year or so, the number of currencies will be limited, which would only accelerate the uptrend of this instrument.
Forecast
Looking for the rest of the day, we still believe that a correction in bitcoin prices is just around the corner although bitcoin prices have defied gravity so far. It is always better to wait for a setback and then buy than to buy directly in the force. The same goes for the Ethereum today.
Image taken from GOOGLE.
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