Bitcoin Price Likely Heading Towards ¥2500

Key Highlights

  • Bitcoin price recovered well this past week and spiked higher to trade near ¥2360-70.
  • There is an ascending channel pattern formed on the daily chart (price feed from BTCChina), which may act as a catalyst in the near term.
  • Moreover, there is a bullish trend line formed on the hourly chart that can be seen as a buying area (price feed from Huobi).

Bitcoin price gained this past week and traded above a major resistance area of ¥2300 to setup for more gains moving ahead.

What’s next for Bitcoin Price?

There was a decent upside ride this past week in Bitcoin price, as it spiked higher to clear a couple of important resistance areas. The price recovered well after declining close to ¥1800, and currently looks set for more upsides. There is a bullish trend line formed on the hourly chart (price feed from BTCChina), which prevented the downside move on a couple of times, and may act as a mover for the upside break.

Bitcoin Price Bitcoin Price

The highlighted trend line is coinciding with the 38.2% Fib retracement level of the last leg from the

Read more ... source: TheBitcoinNews