Bitcoin Weekly Price Analysis 26 April 2016

This week, the price of bitcoin was immensely bullish, stirring up trader sentiment on expectations of another bubble, just in time for the halving.

1

1

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.

2

2

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

Read more ... source: TheBitcoinNews

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