Bitcoin has seen past the rough times as currently prices are sitting in firmly in the $280 – $290 zone with no real signs of movement downwards. August is off to a great start with the outlook set to be green all round as a extremely clear trend has developed in markets.
Whilst the long term charts are looking pretty grim with bitcoin levels seemingly flat and lifeless the opposite is true for a short term picture. With a clear waterfall pattern emerging over the past week it seems as if the resistance posed at $275 levels has deterred any dramatic crash with many investors waiting to snap up cheap coins.
As seen in the graph above it seems that the trend reversal has begun as the short term movement is indicative of slow and steady growth but for this to become established the next few days are crucial. A target of $290 is to be set for the end of the week. This figure is essential as it will determine whether the $300 barrier can be broken and will aid to remove any signal to the occurrence a further retest of lower prices ranges of $250 or $260. Whilst this may still be a possibility it can also be noted that the $290 figure may even create a double top as without the volume present we could see the former scenario playing out.
Speculation
The outlook is set to be sunny as bitcoin prices are set to move to the $300 barrier. There have been many times where the $300 barrier was broken in the past month but this was undermined by small trading volumes and suspected manipulation as many believed the jump up was artificial, created only to widen the pockets of the few. Many were proven right as the prices of bitcoin fell considerably back down to lows of $270 before rebounding. Whilst current prices seem low there are plenty of opportunities for traders to make money with clear Fibonacci levels and higher volumes predicting waves has never been easier. MACD and RSI indicators are also indicating a small jump as many anticipate prices of $290 to be firmly set before the $300 barrier is to be broken. It has become clear the potential for bitcoin to reach its higher values is present but it will be a matter of time till the markets and speculators alike react to developments in the technology and publicity surrounding Bitcoin.
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