Price is now as high as in early December 2017

Price is now as high as in early December 2017

Bitcoin keeps going! Last weekend we wrote that the bitcoin rate has reached (and exceeded) the $ 10,000 magic limit. We are not even a few days away and the value of bitcoin is more than 11,000 dollars (around 9,655 euros). This means that bitcoin is now worth about the same as at the beginning of December 2017.

A little while and also the 10,000 euros is coming! But are we going to get that too? Or are we looking forward to a correction? A dive into the graphs.

Bitcoin total market value for the first time in 17 months more than $ 200 billion

But first a cool fact. For the first time in almost a year and a half, the total market value of bitcoin is higher than $ 200 billion! You calculate the total market value by multiplying the number of coins by the price.

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And bitcoin is still in that area operation. Ethereum is in a suitable second place with a market value of 33 billion dollars.

Bitcoin’s share in the total market value of all cryptocurrencys combined is therefore almost 60 percent. That is the highest level since December 2017.

Curious about the current market value of bitcoin in euros or in dollars? View these and many other statistics on our extensive course page:

Bitcoin breaks resistance zones such as Chuck Norris

The price of bitcoin has actually been going fast since April this year. But especially in the last few weeks, the bitcoin course has been gaining momentum. One resistance zone after the other is broken as if it is nothing.

Please note, the following graph is expressed in dollars. On this graph you can see that there is one more important hurdle to overcome, around $ 11,440:

Bitcoin also breaks through Fibonacci zones

From here we continue with the bitcoin rate in euros.

The bitcoin course also quickly breaks through all kinds of Fibonacci zones. Since May this year, a striking pattern has been visible on the price chart if we use the Fibonacci ratios.

The zones of Fibonacci are alternately a support (green arrows) or a resistance (red arrows). Will bitcoin continue to follow this pattern? Then we can find the next zone around 11,260 euros (12,813 dollars).

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Bitcoin is currently moving just above Fibonacci’s 50% ratio. That means that bitcoin has already made up for more than half of its fall to the bottom of 2,770 euros.

Do you want to know more about the Fibonacci ratios and how you can use these in your technical analysis?

Bitcoin also breaks through Fibonacci zones

But isn’t there a snag?

It all seems hosanna now, but a correction is still possible. We now look at the bitcoin day chart. Negative divergence still exists.

That means that the tops of the price are getting higher, but the tops of an indicator are not. In this case the indicator is the RSI, the Relative Strength Indicator.

Negative divergence can mean that the course will fall in the long term. So it could just be that we can expect a correction soon. But it remains bitcoin, so of course we never know.

RSI, the Relative Strength Indicator

Where is the bitcoin course going now?

During these hot days we try to keep our cool, so we describe two scenarios: positive (bullish) and negative (bearish).

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Will the bitcoin rate continue to rise? Then we can expect the following resistance at around 10,570 euros. This zone was important at the end of 2017 and the beginning of 2018.

Where is the bitcoin course going now

But if bitcoin is falling, we can expect a correction to a maximum of 8,200 euros. The price is likely to find support around that zone. In between there is another important price level, namely 8,700 euros (10,000 dollars). This can also act as an important level of support.

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