The jump in the price of Bitcoin from its daily floor in the candle yesterday indicates the possible movement of the price to its historical level (ATH). It is also possible that a large group of Altcoins will join Bitcoin in this move.
To Report Bitcoin Telegraph, Bitcoin has made a staggering return from its lowest price level in March 2020 at around $ 4,000, even to the attention of institutional investors. Recently, Rick Rieder, a senior executive at BlackRock Investment Company, said that bitcoin could be a substitute for gold because it is even easier to transport than gold bullion.
Similar views are seen as positive signs, as they indicate that the position of Bitcoin as digital gold is increasingly welcomed even among traditional investors. A new report from Pantera Capital, a digital currency investment firm, attributes the recent rise in the price of bitcoin to PayPal’s new digital currency services. According to the company’s new data, People now buys about 70% of newly mined bitcoins and the remaining 30% of cash. Taken together, these factors have created a real shortage of supply.
Bitcoin critics have long described the asset as volatile, but research by Van Eck Investment Management shows that about half of the shares in the S&P 500 index over a 90-day period have fluctuated similarly or even more. Bitcoin has been registered. As such findings become more widely known, more investors will be attracted to the field. Investors are now wondering if the price of Bitcoin will reach its all-time high next week, and whether Altcoins will follow suit.
Before going into the analysis of this series of currencies, a brief look at the performance of a few examples from past analyzes will not be without merit. For example, in the analysis of the price of quinces on February 4, 2017, we mentioned Ethereum’s $ 750 target according to the harmonic pattern of the descending bat. Ethereum has risen to $ 600 since then, at $ 190, up 310 percent to date. Also, in the specific technical analysis of Ethereum on August 28, 2016, we mentioned the high goals of this currency. In another example, in the group analysis of Altcoins on October 24, 2016, we mentioned the $ 5 target of Waves, at a price of $ 2.3. The price has reached $ 8.5 from the previous analysis with a growth of about 250% to date.
We go to the analysis of group charts of these currencies to estimate the next direction of prices and determine the critical levels in their rise or fall.
Note the price reaction of Tezos within the daily channel. To confirm the validity of the drawn channel, check the price reaction to its various levels, especially the middle channel. In the previous analysis of Tezos at $ 2, we mentioned that the price is expected to rise from the same level. We also said that the price steps of the climb will be 2.5, 2.8, 3.1, and 3.4.
Today’s price saw the first target of the analysis at $ 2.5.
Now, for a more detailed examination of the validity of the goals mentioned in the previous analysis, we refer to the daily timeframe. In order to validate two drawing channels (black) that are stacked on top of each other, pay attention to the price reaction to its surfaces and the middle channel. With the price moving above the downtrend and the small price channel, we expect it to grow to the main channel of the main uptrend channel at $ 2.8. The next targets will be $ 3.1 and $ 3.4, respectively. In the long run, it will be possible to see the $ 4.8 target.
The failure of the negative trend of the relative strength index (RSI) in the same time frame can be another confirmation factor for the price growth.
Notice the Algrand price reaction within the daily channel. To confirm the validity of the drawn channel, check the price reaction to its various levels, especially the middle channel. In Algrand’s previous analysis, we mentioned the key resistance at $ 0.3664 in price. We also said that with the break of this resistance, we would expect the price to rise to $ 0.40, then to $ 0.44, and finally to $ 0.48. According to the analysis, the price reached the above targets and even rose above $ 0.7.
In the current situation, due to the price hitting the bottom of the uptrend channel in the daily timeframe and the completion of the pullback to the middle channel of the downtrend, there is a possibility that the price will rise to the targets of 0.40, 0.45 and $ 0.51, respectively. If these goals are met, the next price stations will be defined according to the channel levels.
In the weekly timeframe, the Relative Strength Index (RSI) has hit and reacted to its long-term uptrend. This could be another confirmation of the uptrend.
Note the reaction of theron price within the daily channel. To confirm the validity of the drawn channel, check the price reaction to its various levels, especially the middle channel. In Theron’s previous analysis, we pointed out that if the price breaks the $ 0.021 level, we expect the price to rise in the short term to $ 0.025 and $ 0.035. Moving according to the previous analysis, Theron is now trading slightly lower than the second target at around $ 0.031.
In the current situation, considering the price support on the ascending channel midchannel, by moving it above the resistance of $ 0.031, one can expect an ascending movement to the intersection of this channel and the descending channel ceiling at $ 0.036 and above it up to 0 It had $ .040.
The Relative Strength Index (RSI) has also broken its dynamic resistance in the same time frame, which could be another confirmation of the uptrend.
Notice the price response of Litecoin within the weekly channels. To confirm the validity of the drawn channels, check the price reaction to its various levels, especially the middle channel. Given the price support on the uptrend channel Midchannel, one can expect price growth in the medium term to $ 98 and then $ 131. In the short term, the broken level (breakout) of $ 65 has not been seen yet, and a possible price correction up to this level will provide a good opportunity for buyers.
At the same time frame, the relative strength index (RSI) is broken, which can be a confirmation of the upward trend in prices.
Notice the dash price reaction within the weekly channel. To verify the drawn channel, check the price reaction to its various levels, especially the middle channel. Due to the failure of the downtrend, we expect the pullback to break this level in the short term (breakout) and then start the uptrend in the medium term. Targets defined by the channel will be Midchannel at $ 110, previous price cap at $ 134, resistance area at $ 165-170, and finally at $ 202.
The failure of the triangle pattern in the relative strength index (RSI) in the same time frame can also be a confirmation of the uptrend.
The final suggestion is to control your risk in the trades by optimally adjusting the loss limit, and manage your capital by entering and exiting a step in support and resistance. If you do not have enough knowledge to trade, refrain from entering trades and gradually learn this knowledge by referring to the market analysis training section. In this analysis, possible and short-term price corrections are ignored and should not be considered as a signal to buy or sell.