Hard fork who? The Bitcoin price seems to be uncaring about the August 1 fork, with charts showing an imminent trigger at $3100 that will spark a rally and double the price.
Bitcoin Price Technical Analysis
With the technical goal remaining at $3500, the $3100 trigger will result in a swift rise to the long-term objective and beyond, creating a need for a new forecast.
It seems likely that a breakout at $3100 will lead to the bitcoin price doubling from the current level. If that happens, the charts will confirm the third phase of a large Eilliot Wave movement.
Therefore, we can expect the next technical resistance after $3500 to emerge somewhere around $4500. The corresponding support will remain at $1900, where a triangle recently sent prices from this level to $2600.
The $2600 level is active again as a lateral axis. If prices shift to the downside in the mid-term, a bounce at $1900 could attract more trading action.
A former rising resistance at $1800 could then act as a support to that bounce, shoring the markets up against the bears.
On the bullish side of things, we have a flag pointing to a trigger zone that could ignite a rapid rally to $2500 and beyond.
In the short-term the $3000 level works as a resistance due to Round Numbers Theory. However, if the bitcoin price manages to break $3100, a short-term bubble to quickly arise.
According to indicators, a lateral sideways market between $2400 and $3000 could be coming to an end, making that bullish breakout more likely. Currently, there are no other supports for the main historical channel under $1800.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
Image via SingSnap. Bitcoin price charts via BitKan.
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.