Bitcoin Price on the Way to $12K According to New Technical Signals
The bitcoin price seems to be on its way to $12,000 USD, evidenced by an increase in volatility and new patterns. Looking at the charts, we can see that bitcoin is tearing across the former lateral marking, creating optimistic signals for the future.
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Bitcoin Price Technical Analysis
Prices are crossing a 1,000 basis point trading zone to reach an Inverted Head and Shoulders confirmation neckline at $7,700. From there, the pattern’s target near $12,000 will be triggered.
Bearish influence has seemingly been left behind, and the sideways lateral market could be over if values overcome the congestion area between $6,500 and $7,500. Support can be analyzed at $6,000, while Fibonacci Retracement Levels work as resistances from $8,000 to $16,000.
Formation Analysis reflects a Falling Wedge with a target near $8,000, overlapped with an inverse Head and Shoulders pattern and a higher target near $12,000.
Mathematical indicators have not confirmed their signals for an upward rally yet, but those signals could be visible if quotes recover to the $7,500 level.
Mass Psychology Analysis allows an upgrade from the depression phase to disbelief, and if the trading action continues going through the formation behavior patterns, the next shift to hope would activate higher levels, starting with prices near $8,000.
The possibility of a reversion is still on the table. According to Japanese Candlestick Analysis, Soldiers are marching in to trigger at $7,700 across a 1,000-point battlefield defined from $6,500 to $7,500.
If that trigger is reached, it would activate higher technical objectives near Fibonacci retracement levels. Intermediate supports can be considered at $7,000 and $6,700.
If both overlapped formations confirm their successive targets, a new cycle would be form, and media coverage should open the Optimism Mass Psychological phase.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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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