Bitcoin Price Attempting Another Breakout to $7K and Beyond
It looks like bitcoin is going to try for a bull rally yet again. According to the charts, the bitcoin price has consolidated at the $6,000 USD support to start another upward cycle.
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Bitcoin Price Technical Analysis
Prices can’t cross the $6,500 – $7,500 range without testing the $6,000 support again, and bullish consensus does not back the upward movement at present market momentum. The current $6,700 resistance seems to be too strong for the bulls to fully break, and the main technical indicators reflect exhaustion signals.
Higher objectives to be considered in the future would be activated when prices arrive at the $6,000 support in a backward swing, touring a big rounded bottom pattern, which could drive the action in October.
The current $6,700 level works as an intermediate resistance, sending quotes back to the $6,000 support, which has been effective since it emerged earlier in 2018.
If and when a drop to $6,000 happens, bullish consensus would back a reaction and quotes would try to cross the $6,500 – $7,500 congestion area for the third time, waiting for some external factor to encourage institutional investors to re-enter the market.
A mini lateral market is exhausting the demand at the current price level, and every bullish opportunity should be considered from a lower level.
According to Japanese Candlestick Analysis, demand´s Soldiers were defeated again by offer´s Crows, while trying to advance into the 1000-point battlefield settled between $6,500 and $7,500.
Reinforcements would join demand again from the $6,000 support to wait for a favorable market momentum to restart the upward march to top resistances near $7,000, overcoming the current barrier at $6,700.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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