This week bitcoin closed two large green candles with an impressive trading volume, which raised the price of the home cryptocurrency above $8000, retaining a parabolic growth.
The MACD continues to show higher highs, illustrating that the price movement may still have the power to continue growth, despite the fact that it is, in all likelihood, the end of the parabolic phase.
Daily chart Bitstamp
As we were shown the events of December 2017, the last phase can bring the biggest price movements in a short time — both up and down. Thus, it is better to pay attention on Junior timeframes for a better understanding of what will happen next.
The 4-hour chart Bitstamp
On the 4 hour chart we see that yesterday bitcoin was suddenly gone from level to a little over $8300 to $7600 with sharp V-shaped reversal. Thus, bitcoin has set a higher low, which is very pleasing bulls.
Now bitcoin will have to keep $8000, and the critical level is $8200. If BTC/USD can set a new high, it will significantly increase the chances that bitcoin will test $9,000 to the end of the week. Loss found yesterday low at $7600 would mean a break of the parabolic growth and testing much lower prices.
On the weekly chart we see that bitcoin continues to go to the level of recovery of 38.2%, which currently acts as a magnet and pulls the bitcoin price to about $9500.
Weekly chart, Bitstamp
Assuming that bitcoin will return to $8200, it would be reasonable to assume that the bulls intend to conduct testing in this price range — then we come to the final phase of the parabola, which can bring the highest profit (but high risk).
The post bitcoin Price: the Parabolic rise to $9500? appeared first on crypto.by.