Every week, the bitcoin price continues upping the ante. Now in the midst of a rally to $28,000, it looks like $45,000 or higher is now entering the market’s cross-hairs.
Bitcoin Price Technical Analysis
The bitcoin price has pushed through the flag-pattern congestion around $16,000 to start a new rally, the first technical objective of which has emerged near $26,000. At that point, round numbers theory could move the mark a little higher to match $30,000 because of psychological factors, inertia and volatility.
Any word about Bitcoin mentioned in mainstream media – even negative – should boost prices further, due to increased exposure to an already interested audience. With these technical objectives and triggering factors in mind, eventual support levels will surface at $12,000, $15,000, $17,000, $20,000 and $22,000.
Successive flag patterns could appear in the chart since new market participants are currently absorbing profit taking.
The objective of the pole on the ongoing flag pattern currently sits at $28,000. If the bitcoin price reaches this peak, Fibonacci supports should emerge at $24,200, $23,000 and $21,800.
The high levels of volatility, along with a global bullish consensus, could sustain a flag formation lateral market between $28,000 and $30,000. If this formation confirms, another flag pattern will emerge with an objective at $45,000.
Japanese Candlestick Analysis shows a hammer signal that started last week’s rally – projected by Gann Angles Theory. Paying attention to the current Gann Angles´ criteria, the prices would sustain last week’s bullish angle and allow the bitcoin price to continue rising.
A continued rally could accelerate the rise to $22,000 as stepping-stone to $28,000. At that level, we can expect congestion to lower the mathematical indicators before another big rally to higher levels.
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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.