BTC course analysis – New all-time high achieved!

After a rather stable week despite a hard fork, the price reached a new all-time high of EUR 2,710.12 (USD 3,190.92) in the last few hours and currently stands at EUR 2,672.69 (USD 3,146.89).

The Bitcoin price has risen over the news spy

August 3rd saw the start of an uptrend – a jump to over 2,600 euros (about 3,060 US dollars) – which lifted the news spy price to a new all-time high of 2,710.12 EUR (3,190.92 USD).
Resistance is at the previous Alltime High, an important support for the moving average over the last 12 hours at 2,628.28 EUR (3,094.56 USD). Read more about it:

The word Alltime High, used almost regularly by Bitcoin two months ago during course reviews, can now be used again since a somewhat longer break! Last night the price was raised to EUR 2,631.36 (USD 3,098.19). As a result of breaking through the magic 3,000 US dollar barrier, the rate was driven even further, reaching a maximum of 2,710.12 EUR (3,190.92 USD) at the end.

The MACD (second panel from the top) is of course positive after this rabid rise.

The RSI (third panel from above) stands at 72 and is thus in the overbought range.

All in all, the signs are bullish. To take a closer look at the latest development, the price trend is shown on a 15min chart. This presentation will also be the basis of the discussion regarding resistance and support:

First important Resistance is represented by the Alltime High mentioned. For those who call „to the mooon!“, the 161.8% Fib retracement level should be mentioned as another important resistance with regard to the development of the last twelve hours: This well-known extension of the Fibonacci retracement level is EUR 2,908.43 (USD 3,424.41). Important short-term supports are represented by EMA24 and EMA48, the moving averages, over the last six and twelve hours, respectively, and are EUR 2,668.91 (USD 3,142.40) and EUR 2,628.28 (USD 3,094.56), respectively.

Since the current price development was extremely abrupt, a medium- to long-term forecast is of course difficult. Nevertheless, we dare to take a look at these time scales in order to identify at least important support and resistance levels.

The long-term price trend

For further guidance on future developments, first look at the 240min chart:

The triangle pattern mentioned last week has now been exited in a positive direction, so the price is well above the resistance of this triangle. This resistance has now become an important support.

As on the 60min chart, the indicators speak a positive language: the MACD is positive, as is the MACD line above the signal. The RSI is in overbought territory at 79. In the medium term the situation is bullish. An important support is at 2,430.76 EUR (2,856.67 USD), the resistance of the described triangle pattern. When looking at the prices on the 240min chart, a real resistance is not to be named directly.

Finally, let’s look at the 1D chart:

Two trend interpretations were raised last week: A symmetrical triangle pattern – represented by the upper dark blue line and the light blue line – and a downtrend represented by the lower blue line. It was discussed that the test of the upper blue line and especially the light blue line would decide which trend would actually be followed. As you can see, the support given by the light blue line was tested at best for a short time and proved to be stable. Finally, the resistance of the triangle pattern was breached, so there was no holding for the price.

The MACD is accordingly positive, a signal confirmed by an RSI of 65.

Overall, the forecast is bullish. The most important longer-term support is described by the resistance of the named triangle pattern and is 2,397.83 EUR (2,823.23 USD). As on the 240min chart, no real resistance is discernible, but for those who like extremely bullish long-term forecasts, the 161.8% fib retracement level on the 1D chart should be noted: This is 4,060 EUR (4780.28 USD) – which would really be „to the moooon“, but is still a long way off.