Bitcoin (BTCUSD) Analysis and Forecast (Tue, Sept 19th, 2018): An upsurge is bound to happen

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A double bottom pattern has been formed on Bitcoin’s price chart.

Early this week, Bitcoin saw a heavy decline of 4% in its price after stalling over the resistance of $6484. The largest cryptocurrency by market cap failed to perform an upside breakout through the weekend range of $6400-$6500, which might lead the price to the next resistance area around $6750.

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Bitcoin (BTCUSD) D1 chart on September 19th, 2018

Bitcoin is inching up from the low of $6200 which is considered as the second bottom of the Double bottoms pattern. If Bitcoin price can surpass the neckline level of $6600, a nicely upward movement may be in the cards.

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Bitcoin (BTCUSD) H4 chart on September 19th, 2018

As of the press time, Bitcoin is traded at $6345, nearly 70% depreciated in its value compared to the all-time high which achieved last December. Despite this huge crash, data provided by Blockchain.info showed that the hash rate of Bitcoin network has been increased gradually over the last 12 months. The reading recorded on September 17th, 2018, was 47.5 million terra hash per second (TH/s), which was four times higher than the reading collected in December 2017. This implies that more new miners are coming to mine Bitcoin, and they still keep believing  that Bitcoin may appreciate in value in the future.

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The estimated number of tera hashes per second the Bitcoin network is performing, according to Blockchain.info

Written by nami.today

 

 

 

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