The bitcoin price keeps going up, and so does volatility. Get ready, it’s going to be a bumpy ride to $9000.
Also read: Jordan Belfort: ICOs Are the ‘Biggest Scam Ever’
Bitcoin Price Technical Analysis
Long-Term Analysis
A 3rd flag formation should take place in the chart, renewing the bullish consensus to consolidate recent support levels at $5500 and $6000. That action would support the developing theories of a rise to $9000 by the end of 2017.
As for the volatility: political developments – such as China’s ICO ban and Russia’s CryptoRuble – traders could be executing accumulation strategies while waiting for any positive news or fundamental data to boost the bitcoin price in another rally.
Mid-Term Analysis
When the bitcoin price reached $6000, it confirmed Elliot Wave Theory and repeated Gann’s Angles criteria for a third time. A lateral sideways market has emerged, which will likely settle around $5500.
According to indicators, the market could trade in a zig-zag pattern with some profit taking. This activity could attract new traders that will increase volatility. Meanwhile, the big traders will set their positions for the bigger rally.
Short-Term Analysis
Increasing bullish consensus has created a theoretical duplication that would take the bitcoin price to $9000 after a high volatility, sideways pattern. That pattern is occurring right now.
Short-term support can be analyzed at $5000, with a theoretical resistance at $7000. That resistance level leaves a wide trading range, in which $6000 could become an axis, leveling the price out.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
Image via Bored Panda
