The bitcoin price could reach $9,000 USD much sooner than we expected. And now, there’s an even bigger objective to shoot for: $12,000.
Bitcoin Price Technical Analysis
Boosted by an unexpected announcement from CME that it would list bitcoin futures in 2018, the number of new players in the market has exploded in the last week.
Currently, the bitcoin price sits atop a new all-time high at $7,000. We can expect the bulls to consolidate and form a support level at $6,500. From there, the next resistance area is at $8,000, pushing the price downwards while Elliot’s Wave Theory develops, which calls for a zig-zag motion upwards to $9,000.
According to Gann´s criteria, after entering the central angle, theoretical objectives are higher, but a new lateral market will briefly keep the bitcoin price sideways until bullish consensus confirms a rally to $9,000.
Mathematical indicators reflect increasing volatility that allows a wide trading range to emerge between $8,000 and $6,500, depending on bullish consensus, fundamentals, and profit taking from new investors entering into the market.
Prices broke to the upside, transforming the old $6,500 resistance into a new support level. And, after seven straight days of rising bitcoin prices, Japanese Candlestick Analysis has changed from defensive to aggressive, meaning price movements are about to happen quickly in the short-term.
Putting it all together: if a lateral sideways market takes place instead of a bear correction, a strong demand should drive the market to a rally towards $9,000. What started as an already ambitious projection of $9,000 by year-end has gotten even wilder. If these bullish scenarios play out, we will be on the fast track to a $12,000 bitcoin. So get ready.
What do you think will happen to the bitcoin price? Share your thoughts in the comments below.
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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.