Bitcoin Price Set for Rally to $12K, New Stability Expected
The bitcoin price still wants to make another bull run, and it may happen, according to technical indicators. In fact, the price could reach $12,000 before stabilizing near $10,000, backed by bullish consensus.
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Bitcoin Price Technical Analysis
Prices now have higher goals based on Fibonacci retracement numbers, after consolidating at $6,000 as the new support level.
Due to an increase in bullish consensus, the trend is ready to go up across the congestion area — defined between $6,500 and $7,500 — in a parabolic movement to $12,000 before stabilizing between the 24 percent and 38 percent levels.
If this movement confirms, the bitcoin price would leave behind the current lateral market to start another one at the new level between $8,000 and $10,000.
Mathematical indicators started a reaction, which could turn into a bullish trend. A big triangle can be analyzed, while quotes press the descending resistance to the up side. With this movement, the first upward technical objective would be considered at a higher level than the upper bound of the congestion area — defined between $6,500 and $7,500 — which has blocked the price advance so far.
If quotes can overcome the $6,700 level, the trend should drive the action to a higher target beyond $8,000, where some balance is expected.
According to Japanese Candlestick Analysis, demand´s Soldiers received reinforcements when tested at the $6,000 support. Now, the Soldiers seem strong enough to march towards the $6,700 and $7,000 resistances, entering again into the 1000-point battlefield settled between $6,500 and $7,500.
A better market momentum has finally arrived to restart the upward trend to top targets, with serious chances to prevail in the battle over offer´s crows. The bitcoin price would find some balance after a parabolic movement to $12,000 reverses and bottoms out at $10,000.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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