Bitcoin indicators flipped up when prices reached $1600 this week. A new scenario has appeared, with increasing participation of western operators. Will it go even higher?
Bitcoin Price Technical Analysis
After smashing through the $1350 resistance, prices climbed to a $1600 technical objective. A new scenario now appears, flipping up all indicators. According to Fibonacci Retracement Numbers, quotes could take profit but stay on the bullish run — even as they test $1400, $1250 or $1100 depending on fundamentals, news and political factors. Lower Intermediate bounce levels can be evaluated at $1000 and at $850.
After breaking the all-time high at $1350, bitcoin activated a psychological trigger that fired the climb to $1600. According to indicators traders still overbought, waiting for higher prices into the up rally. The next resistance could be $1750, while prices seem to be performing a pennant pattern that would drive quotes to the technical mark. According to indicators, volatility is extremely high and prices could zig-zag from the theoretical bouncing points on their way to the next big psychological goal… at $2000.
According to Gann Angles Theory, the bullish scenario is active at $1600. We could estimate the next objective at over $1750 depending on fundamental data, political factors and multimedia news. However the bearish scenario can be dismissed, after prices surpassed $1350 within the upward scheme of the same theory. According to Japanese Candlestick Analysis, prices could keep on going up after a smooth profit-taking, even in a briefly-lateral sideways market.
What do you think will happen to the bitcoin price? Share your predictions in the comments.
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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.