Bitcoin is not exactly a poster child for stability. Since our last analysis posted on Friday, bitcoin price has stayed relatively stable over a period of 48 hours. However, the Bitcoin price exhibited a short term downside to go down from the previous day’s $290(s) mark. It fell q few dollars below the predicted $286 mark to close at $283 by the end of Friday.
Saturday started with bitcoin price hovering above $284, spiking upwards to gain 3 points by the evening. By the end of the day, the price went down by 5 points to close at $282. Since yesterday, bitcoin has displayed a gradual upward trend so far to reach $285 (at the time of writing this article). By observing the trend over the past 48 hours and comparing it with data from the past one month (over that period, BTC prices have gradually climbed up from the $240 mark to reach close to $300, with relatively small price drops in between), we can safely assume that the bitcoin price will remain relatively stable, keeping its head well above the $280 mark in the coming days. We expect bitcoin to continue exhibiting a bullish trend, reaching close to $300 mark and beyond.
Technical details (for the past 36 hours)
Over a period of 36 hours that followed the downside, bitcoin has maintained a median price of $284.1. The Bollinger bands for this period has maintained a uniform proximity to the average values showing no signs of increase in volatility. Data from both Bollinger bands and Donchian channel doesn’t indicate any trends of dramatic fluctuation in the future that might cause a drastic drop in the price.
Graph: Bitcoincharts.com
