• Short Term (One to six weeks)
Bitcoin has broken the falling trend channel in the short term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The currency has marginally broken up through resistance at points 67600. An established break predicts a further rise. 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 RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. The currency is overall assessed as technically slightly positive for the short term.
• Medium Term (One to six months)
Bitcoin has broken through the floor of a rising trend channel in the medium long term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency is moving within a rectangle formation between support at 54721 and resistance at 69555. A decisive break through one of these levels indicates the new direction for the currency. The currency is approacing resistance at 71000 points, which may give a negative reaction. However, a break upwards through 71000 points will be a positive signal. The currency is overall assessed as technically slightly negative for the medium long term.
• Long Term ( One to six quaters)
Bitcoin is in a rising trend channel in the long term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. The currency is moving within a rectangle formation between support at 54721 and resistance at 69555. A decisive break through one of these levels indicates the new direction for the currency. The currency has marginally broken up through resistance at points 66000. An established break predicts a further rise. The currency is overall assessed as technically positive for the long term.
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• Seasonal Prediction
