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Technical Analysis

Updated at Thursday 3rd August 2017 01:19:48 PM
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Bitcoin has developed a triangle that is about to finish. An attempt to break upward the upper line occurred just before the hard fork , but the uncertainty kept people in a expectant stance, ready to take positions. Now, the battle has ended and the war is close to its end. This final triangle may break upward as a consequence of the new trust and support in favour of Bitcoin , the real brand and standard bearer of cryptocurrencies. All the doubts and mistrust resulting from the looming hard fork menace are vanishing as the tokens in the forked blockchain are exchanged for less risky alternatives. USD is losing value, so one of the best alternatives is Bitcoin .

A downturn on BTC is only expected if the forked BCH climbs up to $2000 in less than 2 days. This is extremely unlikely due to the top generated around $800, which traders will take as a good target to sell their BCH tokens. Beyond that period, those tokens will burn on the hands of their holders as soon as the support to Bitcoin is confirmed.

If the triangle breaks upwards, the new target will be ~$4000, with possible spikes up to $5000.

Thanks to @JuanAugusto

Previous (from yesterday):
Seems like the whales did a great job of keeping the price at bay. Kudos! Now, Bitcoin is undecided as to where to go next. However, the HF civil war has subsided for now and Bitcoin should go back to where it was before all this drama. 2900 will be the first test. If it goes down from the triangle, see the chart for support targets.
Thanks to @clydeuscope


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