BitcoinPrice Analysis

Bitcoin Rockets To New High Near $8000

By November 17, 2017 No Comments
Bitcoin was trading at less than $1000 when 2017 began, could it reach $10K by Christmas?

bitcoin price waves are mathematically predictable, carry powerful momentum, and seem to be inexhaustibly resilient even in the face of adversity and panic.  could the 9-year-old cryptocurrency hit $10K by christmas?

Disclaimer:  The information in this blog represents the opinions of its author and is for educational purposes only.  It is not intended as investment advice.  Cryptocurrency markets are extremely risky so you should only invest money you are willing to lose.

Just as we predicted, after bitcoin price bounced off the 50% retracement of the long-term uptrend, it rallied with characteristically powerful momentum to hit a new high of $7988 in just a few days.  chart: coinigy.com, technical analysis: digitalassetuniversity.com

Just as we predicted, after bitcoin price bounced off the 50% retracement of the long-term uptrend, it rallied with characteristically powerful momentum to hit a new high of $7988 in just 4 days. chart: coinigy.com, technical analysis: digitalassetuniversity.com

Vertiginous Volatility

There's a lot of talk about bitcoin's terrifyingly vertiginous level of volatility.  But close mathematical scrutiny of the long-term uptrend reveals an astonishing number of predictable waves and bounces that offer high-probability, low-risk entry points for traders.

Here is the long-term view.  From the low of $2975 on Sept. 15th to the high of $7898 after the SegWit2x hard fork was cancelled, bitcoin followed a series of Fibonacci waves with mostly shallow (38.2%) and some deep (50%-61.8%) retracements before resuming its powerful upward momentum.

The smart trader will keep calm and trust the math even in the face of sheer panic.  The easiest way to do this is to step back and look at the long-term trend.  NEVER trade against the long-term trend.  chart: coinigy.com. technical analysis: digitalassetuniversity.com

Throughout the long term uptrend that started on Sept. 15th at $2975, the mathematically predictable series of waves carried powerful momentum while the fibonacci retracement zones provided predictable bounce points for traders to add long positions

Keep Calm In The Face of Sheer Panic

Both euphoria and panic set in after the recent kerfuffle over the failure to implement the block-doubling phase of SegWit.  So we analyzed the post-SegWit panic with a long-term chart and concluded that a bounce near the 50% retracement zone, once confirmed by a series of higher lows would offer another low-risk entry point.

Bitcoin price waves are astonishingly consistent and predictable.  An analysis by CNBC and Genesisi Global Trading reveals an average 61.5% bounce over the 4 weeks following each sell-off of 20% or more.  That is almost identical to the Fibonacci target of 61.8% and sits right between our short term price projections of $8547 and $9373.  chart:coinigy.com, technical analysis: digitalassetuniversity.com, data: Genesis Global Trading

combine the fibonacci bounce off the 50% zone of the long-term trend with An analysis by CNBC and Genesis Global Trading that showed an average 61.5% bounce over the 4 weeks following each sell-off of 20% or more. add in the astonishing resilience that bitcoin has shown in the face of adversity and what you get is a formula for the next powerful upswing to the $9000 level. chart:coinigy.com, technical analysis: digitalassetuniversity.com, data: Genesis Global Trading

Vitriolic Onslaught? No Problem

This analysis was also strengthened by the fact that bitcoin's uptrend has shown remarkable resilience in the face of adversity, including the Chinese government crackdown and the near-continuous onslaught of vitriol from Wall Street.

In the short-term, bitcoin certainly appears volatile, even terrifyingly so.  But if you step back and calmly examine the long term charts, you will see predictable patterns repeating themselves.  This characteristic of bitcoin, along with its resilience and powerful upward momentum, give us confidence in our price projections of $8547 near-term, and $10,000 by year-end.

The math reveals order among the chaos.  Our Fibonacci price targets coincide with the data analysis by CNBC and Genesis Global Trading of the last 5 bitcoin sell-offs.  chart: coinigy.com, technical analysis: digitalassetuniversity.com

The math reveals order among the chaos. Our Fibonacci price targets of $8547 & $9373 coincide with the data analysis by CNBC and Genesis Global Trading of the last 5 bitcoin bounce-backs following sell-offs. chart: coinigy.com, technical analysis: digitalassetuniversity.com

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