Bitcoin Price Analysis 19th May 2017

Since the last price analysis, bitcoin continued its rally up to an all time high at $1940 on bitstamp, inches short of the $2000 level. Bitcoin is now trading $700 above the price of a troy ounce of gold at $1223. Mainstream media is knee deep into the hype, roping in new investors and curious onlookers. A CNBC article went as far as recommending Bitcoin as a portfolio protection safe haven trade. It is hard to ignore Bitcoin when price keeps making new highs which has led some analyst to speculate we are at the cusp of another parabolic rise to unprecedented highs, much similar to 2013. Are we?

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Since the last price analysis, Bitcoin has gone up $600. The continuation pattern at A broke past $1392 at (1), continuing up to a correction at B. Corrections on this run up have been shallow and short lived. B did not last long before price clocked new all time highs at $1850 at C. The correction at C was concerning as is dropped sharply to $1600, leading some to suggest the long overdue correction had began.

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Article source: https://www.deepdotweb.com/2017/05/19/bitcoin-price-analysis-19th-may-2017/

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