Bitcoin price prediction 2016 uptrend continues!
Bitcoin price prediction 2016 March 7th uptrend continues! Taking a look at the 1day price chart for Bitcoin we can see other instances of an uptrend forming. It’s good to see that all the news about delayed transactions had little effect on the price only a $40 drop. Hopefully china doesn’t release any statements about banning Bitcoin:) In November we had a huge move down from $460 to $400 then some consolidation in the $435 to $410 area for about 10 days which is normal for a big move. This was followed by an uptrend to $460. Then the next 3 moves down were followed by big uptrends a bullish sign. I expect this to happen again testing $440.
Taking at the 4 hour chart for Bitcoin we can see a nice uptrend forming with some good strength. We should see it test the $440 area the support of the last uptrend.
Taking a look at the 15 minute chart for Bitcoin we can apply a buy the dips strategy where you by any dips below the mid range of the bollinger bands and sell as it takes out the top range. In my previous posts the same strategy was applied. Please watch the video below for a rundown on the trading technique.
I don’t own any Bitcoin this is just an analysis of the current market and how to trade it.
MACD for the 4 hour is in a bullish trend.
RSI is currently in the coming off the mid range after coming off a low indicating a bullish sentiment.