Bitcoin analysis for 27/12/2017

The Bitcoin price has already gained almost 4,000 dollars since the last corrective drop. This movement has weakened the altcoins. Last week, when prices fell below $12,000, we went through a new round of accusations about the created bubble. Now, Bitcoin owners are - as Jameson Lopp said - "more bullish than ever". The engineer who has led various known investors in the world of crypto still expresses confidence in Bitcoin's future and neglects his current technical shortcomings. He said on Twitter: "I am more optimistic about Bitcoin than in the last 5 years. Events that have been published are just the tip of the iceberg."

Moreover, John McAfee also spoke about the Bitcoin again and he has confirmed the current status quo Bitcoin network, saying: "I've been a technician all my life and if you are worried about Bitcoin, you do not need it anymore. The world of economy is waiting for the right solution, and it is Bitcoin, which is still the only guaranteed investment in the world of crypto." McAfee added that by the end of 2018, Bitcoin will be ten times more expensive than it is today, still sticking to its announcement, which predicts that by 2020, it will reach the price of one million dollars. On his Twitter, he is also known for regularly describing the selected cryptocurrency, which, according to him, will succeed. Providing such information immediately results in a marked increase in the price. The Internet is rumbling about an alleged leak that SiaCoin was supposed to be another project described by McAfee

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price had bounced from the level of $11,130 and went up towards the technical resistnace at the level of $15,486 that was violated as well. Currently, the price is trading just below the 61%Fibo at the level of $16,376 and a breakout higher would indicate a further rally towards the level of $17,805. The long-term trend remains up (bullish).


The material has been provided by InstaForex Company -