This bitcoin price will soon arrive at $10,000 as the markets enter a “roman circus” distribution zone. But if you think that’s exciting, listen to this: $10,000 is just a stopping point on the way to $12,000.
Bitcoin Price Technical Analysis
The bitcoin price started a rally towards $10,000, where a distribution zone should emerge. That zone will allow profit taking under Fibonacci rules, which will send the price back to $8,500 — a price point that would confirm higher levels in the future.
Contradictory opinions from institutional investors about bitcoin’s status as a global asset reflect their accumulation strategies, and would lower mathematical indicators. Meanwhile, the markets re-enter 2017’s main central angle of Gann´s Theory, which has enabled the rise thus far. This same angle points to the imminent bull rally to $12,000 in 2018.
Bullish consensus continues to rise amid a global growth in bitcoin purchases. That growth drove the bitcoin price over $9,500, where a congestion zone is currently keeping the price relatively sideways.
Mixed emotions of various participants — like weak hands against enthusiastic investors — occasional has created a kind of “roman circus” at exchanges. Therefore, volatility has increased between the support at $8,500 and a new trigger level near $10,000.
Quotes are ready to move on the psychological barrier at $10,000 level before heading back to the $8,500 support. However, in the short-term, new players entering the market could sustain the bitcoin price at a higher level around $9,000.
Japanese Candlestick Analysis reflects the market strength currently sustaining the price with a lateral sideways market. This period of sideways activity works to meet the conditions necessary for continuing the overall bullish rally.
Thus, while the next technical objective still stands at $12,000 by early 2018, this new scenario actually allows even higher levels.
Do you think we’ll see $12,000 by January? Share your thoughts in the comments section.
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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.