Bitcoin price was stable in the past week after a spike in a day in the same week for various reasons. Bitcoin price increased the day Chinese President Xi Jinping gave a speech expressing his support for blockchain technology in China. Although the president did not mention anything about digital currencies, Bitcoin price soared following Xi’s remarks.
With the price hike, many Bitcoin gurus further predict the prices. An anonymous man predicted that on October 31, 2019, which is also the 11th anniversary of Bitcoin, the price would hit US$16,000. The prediction did not come true on that day.
Changpeng Zhao, CEO of Binance, tweeted that Bitcoin price would be able to reach US$16,000. He said it is easy to predict the price, but it is not easy to predict when the price is going to increase. Therefore, investors are advised not to expect any price increase, but stay with the reality and base all reliable information with charts and tools that are available.
Bitcoin
Overall: Sideways
The price of Bitcoin has finally broken out (blue circle) the trend line (red line). Bitcoin is currently trading sideways. To confirm the bright trend, the price of Bitcoin should not drop below the breakout point or below US$8,600. In addition, the uptrend can be confirmed when the price goes up and breaks above the current resistance line of US$10,500. Then, look into the Fibonacci line. Investors are advised to trade if the price is in the range of US$8,600-10,500 and wait and see the next trends.
Ethereum
Overall: Sideways
Overall, the price of Ethereum is similar to Bitcoin, which means it can go beyond the trend line (green line) a bit. However, the price goes higher but still lower than Bitcoin price. Ethereum is moving sideways within a narrow range. To confirm the uptrend, the price has to go above US$180. It should break above US$220 resistance. With this move, investors can expect US$270 is the next target.
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