It appears the bitcoin price has consolidated around the mid-$2,000 level. As always, traders are waiting with their fingers on the trigger for the first big move. But in which direction will that move be? Here’s our regular weekly technical analysis to give you some hints.
Bitcoin Price Technical Analysis
According to Gann Angles Theory, if prices break the $2,600 level it works as a trigger to release an upward movement. This means the bitcoin price could go on to reach objectives over the $3,000 psychological barrier. From there, prices would keep on marching to $3,500 and beyond.
Rumors, news and political anarchy in and around Bitcoin’s fundamentals means the quotes are a kind of gunpowder. That is, gunpowder to the idea of doubling current prices before the end of this year.
A big triangle is still forming in the chart overlapping all other figures. This also opens a downward possibility if quotes get under $2,300. If the basement is transferred to the up side match, the $3,500 objective seems to be the main goal to accomplish. On the the down side, the same criteria would send prices crashing back to $1,900. Indicators point to an upward market but high volatility could change this signal over and over.
A lateral sideways market is ready to turn into a bull market. This would first reach the psychological $3,000 level and, if prices overcome that barrier, an up-wave could take hold into a big bubble to $3,500 and beyond.
On the other hand, if a downward movement starts because of the present mid-term triangle, we analyze the first support level at $2,150.
Do you agree with this analysis? Tell us in the comments.
Images via Bitstamp, Pixabay
NOTE: This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.