bitcoin charting graph

SHARE
← Back to articles
SHARE

Technical Chart Update 13 Aug 17: is that a Bitcoin rocket in your pocket?

August 13, 2017 11:00 am Published by

Bitcoin’s price action in recent weeks is pushing the entire crypto-market hard and fast.

A strong pullback occurred at $3,000. Down to just under $2000 (a 33% drop in just a couple of weeks!).

Then a decisive breakout to the $4,000 level (a 100% gain in just a month!).

Let’s take a look at the charts!

Top Movers

The first chart shown below is a 4-hour Heiken Ashi chart for bitcoin.

(Don’t know what all that means? Keep reading these blog updates and you’ll discover the ins-and-outs of predicting price movement using magical indicators on price charts — just like an expert stock market investor.)

For now:

Suffice it to say that green means up, and red means down. Each one of those thick lines on the chart represents a period of 4 hours (hence why it’s called a 4-hour chart).

Here you can see many green lines in a row (each one is called a ‘candle’). However, there’s also a red candle and the MACD indicator shows some short-term exhaustion – I can see us settling at this new level… at least for half a day 🙂

Tomorrow is the start of a new week and I’m expecting a strong upwards response from many altcoins due to bitcoins movement over the weekend. Time will tell.

Let’s look a little deeper…

Medium-Term Momentum

Bitcoin’s Weekly chart (where each of the thick green or red lines represents one entire week) is simply incredible.

The past week fews have seen some of the biggest weekly gains in all of bitcoins history.

From around 3200 USD to a whopping 3869 (just shy of the $4000 level).

And the most interesting part to me is the MACD indicator is showing a strong sign of continuation upwards. Could we see $6,000 bitcoin within another few weeks? The chart suggests it’s entirely possible!

Next up:

Ether’s daily chart shows a strong move over the past 10 days or so, with today’s candle being red and indicating that momentum is a little tired.

MACD looks tired too, so perhaps we’ll consolidate at this price level for a few days before continuing upwards.

We’re waiting for the TK cross-over (which I’ll explain in another blog) which will be VERY bullish on the 1D chart.

Next:

Litecoin shows a very interesting pattern at this time. The weekly chart shows how much Litecoin has grown over the past few months, and right now seems to be consolidating very well at current levels around $40 to $50.

I fully expect this to break out of its consolidation range very soon with a potentially explosive continuation upwards from $50 to $70 and beyond.

Long-Term Projections

Bitcoin Monthly Chart:

A pullback wouldn’t surprise me. Neither would continuation. We’re in the twilight zone of bitcoin pricing and I expect strong volatility in the months ahead.

Altcoins will go right along for the ride with bitcoin, and in many instances, far exceeding bitcoins growth — which might even look calm-and-steady compared to the growth of some altcoins.

Place your bets folks. This is the opportunity of a lifetime.

Important: This blog contains information, supplied by Wirex Limited, which may be of general interest to investors, but is not intended to cater for your particular requirements and is not intended to be relied upon for the purposes of making or not making any investment decisions. It is not investment advice. You must make your own decision as to the suitability of an investment for you and if you require advice you should consult a properly qualified financial adviser. Past performance is not a guide to future performance. Please remember that the value of investments and any income from them can go down as well as up and you may not get back the amount you invested.

…like I said. Place your bets. This IS the opportunity of a lifetime.

How Singapore is becoming a crypto-hub

When it comes to cryptocurrency adoption, the Asia-Pacific region is way ahead of the curve. The likes of South Korea, Hong Kong, China and Japan were early adopters of crypto and blockchain technology; now, Singapore is quickly emerging as a world leader in the mainstream adoption of digital currency. Regulatory Stance The Monetary Authority of… View Article

ICO image
Why Wirex is not an ICO

Initial Coin Offerings (ICOs) have received a lot of press but not always for the best reasons. Experts estimate that over 80% of ICOs have fraudulent intentions. Unfortunately many people tend to associate any company that works in the crypto space with ICOs, and this may have a negative effect on the entire industry. So,… View Article

Where crypto fits in the land of the free

How does crypto feature in The Land of the Free? From Bitcoin’s inception to the present day, the United States has been a key player in the spread and success of cryptocurrency and its associated technology. With this in mind, it was only right that Wirex should have a presence across the pond. Following the… View Article

Crypto in Canada

Canada is a significant player in the global cryptocurrency market. Although the UK and US are marginally ahead in the rankings for traditional blockchain adoption, Canada leads the way in Ethereum blockchain technology. This can be attributed in-part to Vitalik Buterin, the prodigious Russian-Canadian programmer who founded Ethereum. Buterin, energy and the crypto miners Buterin… View Article