Bitcoin Price Analysis 11 October 2016
In the past 2 weeks the Bitcoin price displayed resilience by rising up gradually from $595 on September 28 to $615 on Bitstamp as of writing this. The series of higher highs and higher lows is a convincing start to the $800 + price target traders project. Experts all seem to agree price is going up soon. Meanwhile, Bitcoin fundamentals were up for discussion at the Bitcoin Scaling Conference in Milan, Italy. Progress on Segregated Witness and Lightning network portend higher valuation for BTC. But, unresolved fungibility issues and an expected hardfork still bedevil fundamental risks on price in the mid- long term.
On the weekly chart on Bitstamp, price is at a crucial point teetering on the $610 resistance/support edge. This level dates back to 2014 December all throughout 2015 into July. It was a strong support when price sold off from the all time high, but turned into an upper resistance in May 2015 when price attempted to break back above it. The coming days are critical. If this trading range holds, up to $560 on the