Bitcoin Price Attempting Another Breakout to $7K and Beyond - Bitsonline

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.

Also read: BitMex: ICO Firms Have Sold Three Quarters of Ether Raised 

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Bitcoin Price Technical Analysis

Long-Term Analysis

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.

Mid-Term Analysis

bitcoin price technical analysis

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.

Short-Term Analysis

bitcoin price technical analysis

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.

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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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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