Bitcoin prices have recently stagnated remaining tame and low over the past few weeks. Whilst the previous high to over $300 had upped the future expectations for bitcoin, it was apparent that the manipulated markets and inflated volume were to blame for causing the prices to increase exponentially in a short period of time. What we see now is the after math of the rally as prices fall back to pre rally levels and the market corrects itself in accordance to the true market sentiment.
Below is the 7 day trading graph for bitcoin and whilst not much is depicted except a move further down from the mid $230’s, on closer inspection it seems that the prices of Bitcoin are relatively tame when compared to increase in trading volume. Many attribute this to the huge whales which are stocking up on cheap coins as yesterday the volume increase by $1 million signaling a small rise in interest. THis new capital may strengthen the $20o range allowing for a safe and sustainable rise to the $230 – $235 range.
Currently I would set a price target of $236 which is slightly on the optimistic side. Whilst a rise to this level might easily be overcome by resistance within a matter of days, current market action points towards a small increment in the price after the weekend. However the weekend will sadly bring prices down as many attribute this phenomena to miners dumping coins due to bills and other costs that they may encounter. However next week should be slightly better than the current one as the draft of negative news surrounding Bitcoin dies down. Remember never invest more than you can afford otherwise happy trading !
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