Bitcoin (BTC.CPT)

Short term

Investors have paid higher prices over time to buy Bitcoin and the currency is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 66000 points. The volume balance is positive and strengthens the currency in the short term. RSI is above 70 after a good price increase the past weeks. The currency has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Recommendation one to six weeks: Positive (Score: 92)

Medium term

Bitcoin has broken up from an approximate horizontal trend channel in the medium long term. This signals a continued strong development, and the currency now meets support on possible reactions down towards the ceiling of the trend channel. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 67241. The objective at 84547 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 72000 points. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Bitcoin. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the medium long term.

Recommendation one to six months: Positive (Score: 95)

Long term

Bitcoin is in a rising trend channel in the long term. This signals increasing optimism among investors and indicates continued rise. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 67241. The objective at 84547 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 70000 points. Positive volume balance strengthens the currency in the short term. The currency is overall assessed as technically positive for the long term.

Recommendation one to six quarters: Positive (Score: 98)