Bitcoin Price Could Hit $12K or Even $16K After Recent Surge
Are happy days here again? Recent surges saw the bitcoin price top $11,000 USD, rewarding anyone who bought into BTC in the second half of 2018 or later. This week’s technical analysis report says optimism may be kicking in again at last — but external factors are always there influencing the math. Read on to find out more.
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Bitcoin Price Technical Analysis
The bitcoin price now faces the $12,000 level, after leaving behind a sideways lateral movement between $9,000 and $7,000 level. The new support level can be estimated near $9,500 while, due to increasing Bullish Consensus, our next target for the current upward movement can be expected at $16,000 — as happened previously in January 2018.
Mass Psychology Analysis confirms an Optimism phase took Hope’s place among operators and, depending on external factors (if quotes keep the action over $10,000) volatility could provide a wide frame for high and low quoting action, also similar to that seen a year ago.
Mathematical Indicators are still backing the upward movement for the near-term, unless some external factor harms the general animus and projects the bullish trend to $12,000. The former $9,000 resistance, which was surpassed by quotes, works as a support, allowing intermediate bouncing levels between $9,800 and $10,000.
If values overcome the $12,000 mark too, it could became a new support as it makes its way up, and the next resistance level to consider should be $16,000.
Japanese Candlestick Analysis renews the advantage to demand’s Soldiers structure over offer’s Crows disorder, and the current battlefield can be expected somewhere between the $10,000 and $12,000 level.
Following Bollinger Bands Analysis, the next stage for the bitcoin price could repeat patterns from April and May 2019, sustaining newly-conquered levels after a rising from a briefly lateral market. If we consider Round Numbers Theory, Fibonacci retracement levels for the recent climb can be calculated at $9,500, $9,000 and $8,500.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
If you find Ramiro’s analyses interesting or helpful, you can find out more about how he comes to his conclusions by checking out his primer book, the Manual de Análisis Técnico Aplicado a los Mercados Bursátiles. The text covers the whole range of technical analysis concepts, from introductory to advanced and everything in between. To order, send an email to [email protected]
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