This week, the price of bitcoin was immensely bullish, stirring up trader sentiment on expectations of another bubble, just in time for the halving.
Price trend curved upwards, advancing +7.5% from last week’s high at $438 to a 6 month high at $471. Markets have not been this excited since October 2015, when price turned exponentially bullish.
On last week’s analysis, price was at (1) and the forecast was a jump up to $440 and subsequently $450. The trend however proved stronger than forecasted, and consistently broke levels pushing up to the highest price of 2016, $471. Here, a longer term resistance level, going back to September 2014, pushed back, forcing price to consolidate. A little dip or consolidation is natural here. As of writing this, price sits at $463 as per Bitstamp.
There is high expectation of a run up to $680, the bullish breakout at (2) from the 6 month long pennant is a signal the whole market is keen on. Because it has an uncanny resemblance to