Right now, Bitcoin is consolidating at around $11,500. After its most recent dip in the beginning of January, when the world’s premiere cryptocurrency was traded at only $6,000, BTC has reclaimed a portion of its lost value.
What we see now can truly be called the turning point for the days (if not weeks) to come. The general trend can either continue its upward movement or bounce off the resistance line and return to the less impressive territory in between $7,000 and $10,000.
Technical analysis indicators that take into account speculative factors can come in handy when predicting future price movements. Bollinger Bands hint at the possibility of trend reversal. Since the middle of December, this indicator has accurately predicted 5 reversal points. BB can be applied using the following logic: 1) should the candle close at above the red line, the trend can be expected to turn from positive to negative soon enough; 2) alternatively, should the candle close at below the yellow line, the trend will turn from negative to negative. The situation that can be observed on the market right now is reminiscent of the first case.
Bitcoin Cash has reached its all-time high on 12 December 2017, when one coin was worth stunning $4,100. It has since then plunged to $700. Now, this cryptocurrency once again demonstrates upward mobility. Bitcoin Gold, another offshoot of the original BTC blockchain, has been demonstrated slow yet steady growth since February 7th, almost doubling in price over the course of two weeks.
Bitcoin and bitcoin-related cryptocurrencies have all been in the green for twelve days already. Future market movement will most certainly be powered by the expectations of long-term cryptocurrency investors. Some of them have already dubbed 2018 the year when crypto will release its full potential.
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