Bitcoin Price Volatility Exciting Bulls, Rally Still Expected

A small rise in the bitcoin price is giving enthusiasts new hope. While the rise only constitutes about two dollars, the long-running theme of a bullish trend in the bitcoin market appears to be coming true.
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One source writes:
‘Price has been pretty volatile over the last few days, and with this volatility has come plenty of opportunities to get in and out of the markets according to our intraday strategy. Overnight last night, however, things settled down a little… We saw a spike a little earlier today, and this spike has carved out a pretty nice range (after initially completing a breakout pattern), and so we know that volume, even being low, can move the markets.’
The present move appears to be leaning towards an uptrend. However, there are other analysts that predict bitcoin could still enter bearish territory in the coming weeks. One source explains:
‘Bitcoin price looks to be slipping from $600 and 4,000 CNY in some exchanges. Failure to hold this critical level opens the possibility of another corrective wave of decline.’

This post was published at Bitcoinist on 2016/09/26.