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Bitcoin price could marching toward four-figure if the immediate phycology resistance barrier around 800-820 zone.

From Pure Technical Outlook

From the technical point of view, support levels are upgraded to higher price zones. The chart also hints that the next relevant resistance level could be at around $820. Simple Moveing Average 15 line still trading above Simple Moveing Average 30 indicated the price still trending upward. This week we saw the previous resistance level of 750 now has formed a strong support line. Persistance profit-taking activities forced the price sideways within 750-770 horizontal channel. From the daily chart, the price level of 731 where it started to moved above it from October. Many lows were bounced off from Simple Moving Average 15(SMA 15) while it only crossed below the Simple Moving Average 30(SMA 30) three times since September. Baring any drastic changes in the fundamental standpoint, these is clear upward slope prices movements along $700-$820 channel. If the 820 barrier is breached, it could trigger an ecstasy bubble sentiment to alleviate to the next technical price target on the upside of $1500.

In a long term perspective, price is still in constant upswing pattern. The year end price could be double the spot price from early of the year. The next price target or support level should be envisioned be onward to the crucial $1000. A firm hovering along the sub-$100 zone will be pivotal base as launching pad toward the long term mark of $1500.

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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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