This is the next big target price for bitcoin
Currently, bitcoin is ignoring conventional trends, but our chartist spots the key levels.
17th February 2020 08:47
by Alistair Strang from Trends and Targets
Share on
Currently, bitcoin is ignoring conventional trends, but our chartist spots the key levels.
Bitcoin (COIN:BTCUSD)
Currently, bitcoin is cheerfully ignoring conventional trends, instead paying scrupulous attention to a "horizontal trend".
As mentioned previously, the phenomena of 'The Glass Ceiling' has been scrupulously adhered to since September last year.
This confirmation of a trend is usually a pretty safe signal for future movement and in the case of bitcoin, it's at $10,580.
Visually, movements above $10,580 look capable of providing gains against bitcoin to an initial $11,744 with secondary, if beaten, calculating at $12,720.
Importantly, if bitcoin opts to adhere to is its usual movement 'rules', some hesitation can be anticipated at each target level, should the scenario trigger!
Of course, there's absolutely no certainty we should anticipate future growth. Instead, the converse looks pretty possible.
Weakness continuing below $9,610 suggests downward travel to an initial $8,916.
If broken, secondary works out at $7,665 and we'd hope for a rebound at such a level.
The implications, with any breach of $7,665, are grim.
The existence of a third level drop target of $6,079 takes the price into the land of 'lower lows' with a logical long-term bottom at $3,145.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or interactive investor will be responsible for any losses that may be incurred as a result of following a trading idea.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.