Bitcoin Price Soaring Into The Sun – A Rubber Band Effect?

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Bitcoin cost skyrocketed progressing currently to imitation a high of around $370. Just like we likely along yesterday’s analysis, bitcoin cost soared right after bypassing a insurgency turn during $330.1. The cost surged to crack a insurgency during $350, before dropping next it as bitcoin is now trade during $347.

New Uptrend On The 1 Hour Charts:

Let’s inspect a 1 hour (BTC/USD) charts from Bitstamp (look during a next chart). We will keep a Fibonacci retracements we plotted during yesterday’s research and govern a stochastic oscillator. We can note a following:

  • After a Elliot bearish supercycle was completed, bitcoin cost started to rise, bypassing a insurgency during a 50% Fibonacci retracement level. A few hours later, a cost surged to crack a insurgency during $350 and continued rising to a high of $370, nonetheless a market’s shopping energy wasn’t clever adequate to support a cost during that level, that led to cost dump next that essential insurgency level.
  • We can now mark a new upwards tilted trend line combining given yesterday’s cost surge. As shown by a blue trend line on a next chart, a bullish call (green arrow) was followed by a bearish improvement call (red arrow) and we can expect

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