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Bitcoin rate overview – Last effort

Bitcoin rate has come close to its annual high and future of price movement is being decided now.

Bitcoin price outreached $790 and its consolidation above this level means that the price can go up to $860 with a further increase to $930. And this scenario does not seem to be incredible.

Given that the price is moving along an upper bound of rising channel with logical corrections and without emotional outbursts, it can be concluded that traders are playing a meaningful game.

 

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Currently, the main risk is overcoming of psychological barrier of annual high, so the price can go up.

It is necessary to understand that the Bitcoin rate can reach its historic highs in such a scenario and, maybe, even exceed them due to one simple reason: during the rate increase, media coverage will bring this information to all players and money of people, who want to earn as well, will go to the market. It is this new liquidityunder the influence ofpositive media coverage can provide a stimulus to appreciation.

The most important thing is to realize that it will be rather an emotional game than a calculation and therefore it is necessary to participate very carefully. At the same time, if the Bitcoin price fails to reach $790, we will see a descent to $670.

Source: coinspot

  • December 21, 2016 4:22 PM MSK
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