SINGAPORE: Bitcoin is expected to rise to $12,295, as suggested by its wave pattern, a Fibonacci projection analysis and a pennant.
Bitcoin is riding on a wave c, the third wave of a three-wave cycle from the Jan. 17 low of $9,222. It has travelled above the 38.2 percent projection level at $11,391; chances are it may at least extend to $12,295.
A pennant forming between Jan. 23 and Jan. 25 suggests a higher target at $12,854. A study on the longer-term daily chart suggests that bitcoin could have completed a correction from its Dec. 17, 2017 high of $19,666. It will continue its long-term uptrend. –REUTERS