The price of bitcoin has been surging for a few months so we have to look at the logarithmic price chart. As we can see the price has been creating an upward trend channel since 2014.
The recent tops and bottoms end near the limits of the channel. Because recently the price also bounced from the line drawn through the bottoms, we may expect another rally to the line drawn through the tops.
Currently, the potential long-term target is located near 200000 USD per bitcoin. The support may be located at 12000 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The recent tops and bottoms end near the limits of the channel. Because recently the price also bounced from the line drawn through the bottoms, we may expect another rally to the line drawn through the tops.
Currently, the potential long-term target is located near 200000 USD per bitcoin. The support may be located at 12000 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.