Bitcoin Price Nutmegs the $400 level – $416 is Happening

Bitcoin Price Soars. More Upside On The Cards. Bitcoin price news

Bitcoin price has just scored a high of $412.41 on Bitstamp less than an hour ago. As we predicted yesterday, the new bullish wave is continuing to control the market and is pushing bitcoin price steadily towards the next resistance level at $416.

 

Predicting Possible Price Correction Thresholds:

Via studying the 1 hour (BTC/USD) from Bitstamp (look at the below chart), plotting the 20, 50 and 100 EMAs and executing a Fibonacci resistance fan that spans between the low scored on the 22th of October ($266) and the high scored earlier today ($412.41), we can notice the following:

Is the Market Overbought As Denoted By The 1 Day Charts?

By examining the 1 day (BTC/USD) charts from Bitstamp; plotting William’s Alligator Indicator and executing the MACD (look at the below chart), we can notice the following:

Conclusion:

Bitcoin price is continuing to print higher highs and it is rising on its way to test the $416 resistance level, which is likely to happen within the next few hours. Although a price correction downwards wave can halt the bullish rally for some time, our analysis didn’t find evidence of stoppage of the bullish wave soon.

 

Charts from Bitstamp; hosted by Tradingview.com

 

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