Analyze charts: what will happen to the price of Bitcoin after a Bitcoin hard forks Cash

Hardwork Bitcoin Cash, it seems, does not render almost any influence on the price of Bitcoin. It remains stable, like a few months ago. However, some experts suggest that after November 15 the new money will flow into Bitcoin. If this really happens, the main cryptocurrency can grow up to 7200 dollars in the shortest time possible.

1-weekly chart

Despite the fall in smaller scale, on the 1 day chart, Bitcoin still looks good. Cryptocurrency is still in the “green zone” — over the past few months it has not fallen below important level of support of $ 6,000.

Moreover, last week the asset has gone beyond the borders of the main downtrend line, which dominates the market in April. However, contrary to expectations of many investors, this event did not cause an explosive growth of the first cryptocurrencies.

Image source — NewsBTC

In this situation, long-term investors can buy BTC at market price, and take profits just above $ 7,000. According to NewsBTC, to talk about the beginning of a full bullrun as it was last year. The further price movement of the asset will depend on market reaction to the opening of trading on the Bakkt and possible approval of the first cryptocurrency ETF.

1-day schedule

The scale of the 1-day chart Bitcoin is in a tight horizontal channel, which remains valid since the beginning of the summer. For traders, this situation is unfavourable because trading without clear trend on a chart is very difficult.

Image source — NewsBTC

The result — you’ll have to accumulate cryptocurrency (no margin trading). To open a large, long shoulder can be confident after overcoming the line of 6800 dollars. In this case the first target for fixing the profit will be the level of 7200 dollars.

Details about margin trading and its features, read this article.


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