Bitcoin markets have rebounded spectacularly from the bearish trends seen last week to break the $4000 price point once again earlier today. Currently markets stand at $3888 as significant resistance is encountered at the $4000 figure. As markets are peaking above $4000 many believe current conditions can allow for the all time high to be achieved again.
As seen on the graph below markets have come back fighting despite china announcing a huge ban on ICO’s and cryptocoin trades. Causing a many exchanges such as BTCC to close down as reported previously, the news had a huge impact initially on bitcoin markets.
According to current analysts the markets will remain bullish for the next 48 hours as the current trading volume remains just above $1.5 Billion. $4200 is set to be the next top as there is considerable resistance at this figure. It would be advisable to purchase small amounts of bitcoin with many recommending increasing your bitcoin portfolio by 1-2% over the next few days. Prices are targeted to reach the $4300 price point within 7-10 days, allowing plenty of profit to be made even from current prices.
To conclude, much of the impact of the decisions coming from china have been reversed over the past few days. While we did predict a retest of the $3000 figure, the strong support shown at the $3200 level meant this retest came much later than anticipated. As the retest has successfully been passed, the markets have regained a bulish momentum as the $4000 price point was quickly reclaimed. Many positive news such as Australia’s bill to revoke double taxation for bitcoin users has been referred to as a enabling factor allowing many to delve into the technology without financial ruin.
Disclaimer: The article is provided as is and is not meant to replace trading advice. Please trade responsibly and remember that losses can exceed deposits !