If you've followed crypto-currencies for any length of time, you already know the Bitcoin community has been livid over the decreasing block rewards for months now, even before last Christmas. The community as a whole has been scrambling to mine and hoard as many Bitcoin as possible leading up to the halving a few weeks from now.
This hoarding has helped drive the price of Bitcoin upwards from ~$350-450 levels, more than doubling the price until the recent pullback to the $650 range.
What happens next is anybody's guess. I personally thought the hype alone would keep pushing the price higher, longer but it seems the calm before the storm is already here.
The question on my mind now is this: Which side will have the most influence on the BTC price in the coming weeks... The hype surrounding the pending reward halving and scramble to gather more Bitcoin? Or those on the sidelines who have been collecting Bitcoin for months now and will be looking to cash in (and possibly hammer the price) in the near future? I guess we'll find out soon enough.
In the meantime, here's a current Bitcoin price chart for the past 30 days, along with my own markups to show approximate support and resistance levels and a few useful technical indicators.
Chart courtesy of http://bitcoincharts.com with my own personal additions
This chart is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License
One thing to keep in mind when looking at price charts is your investment time frame. The chart above doesn't do you much good if you're a day trader. On the same lines, the 6-month chart looks quite a bit different (with it's own set of buy/sell indicators), as does the 10-day, 5-day, hourly charts, etc.
Bookmark this site and check back often as more charts, indicators, and analysis will be posted shortly.
References:
References:
- Coinbase.com - Current BTC Price (USD)
- Bitcoincharts.com - Bitcoin Price Charts
