$22,000 Bitcoin Price Point Pivotal as Bearish Patterns Emerge
The bitcoin price has held a sideways pattern over the last week, trying to push into the upward trend towards $22,000 USD. However, this sideways activity has allowed more bearish patterns to emerge, with a target of zero.
During 2017, prices successfully recognized Fibonacci retracement levels four times, gearing the historic bull rally and providing strength and confidence to the upward movement toward higher levels every time.
As this sequence progresses, the theoretical dimension of the advance in prices also increases to activate objectives somewhere between $50,000 and $100,000 if the bitcoin price safely exceeds $22,000. On the other hand, according to the same medieval criterion, the price could go all the way to zero if the bears defeat these quotes.
According the most visible formations, prices are outside the triangle, activating upwards targets over $22,000.
The price could remain in sideways due to the sheer magnitude of the ground needed to be covered without any precedence or philosophical logic. Fears from traders regarding the novelty of the situation – an environment that openly challenges them to think in a different way – could lead them to abandon their bullish strategies and continue holding their current positions.
A lateral movement sustains the prices maintaining the Gann Angle Theory for another week, now in a trigger zone. The highest probability from here is to define upwards by launching towards a zone of bullish development with a very wide landing range from $50,000 to $100,000 in early 2018. The possibility of continuing the delay and falling to $0 does not depend on the news or political decisions but on general confusion impossible to control all the time.
Where do you stand? What’s your short and long-term projects for the bitcoin price? Let us know in the comments below.
Images via Bitkan, BitStamp, Moziru