Bitcoin Price Rise Delayed As Technical Signals Fail to Confirm
Despite hopeful signals, the bitcoin price has failed to cross the $6,500 – $7,500 USD resistance. Therefore, it looks like we are preparing to test the $6,000 support again.
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Bitcoin Price Technical Analysis
Prices failed to cross the $6,500-$7,500 range and could test the $6,000 support again. Mass Psychological Analysis reflects that the shift to the optimism phase seems to be delayed, and bullish consensus does not back the upward movement with the present market momentum.
The current lateral market would have ended if the bitcoin price overcame $7,700. However, the technical formations that were in progress, overlapping each other to activate higher levels, did not confirm their patterns. Therefore, those objectives’ possibilities would need further signals to be considered in the future.
After a trading reaction at $6,000, values overcame the lower bound from the congestion range at $6,500, but trend signals did not appear at the mathematical indicators.
The current $6,700 level works as an intermediate resistance, sending quotes back to the $6,000 support, where quotes will stabilize for a while.
Even though a round swing movement recently brought prices back to the present $6,500 level from below, market momentum did not confirm any further upward movement. Now, the market is waiting for external factors to encourage institutional investors to re-enter the market from a lower level.
According to Japanese Candlestick Analysis, as recently happened, demand’s Soldiers will be defeated again by offer’s Crows, while trying to advance with no chance into the 1000-point battlefield settled between $6,500 and $7,500.
When this event confirms, they will retreat again to the $6,000 support to wait for favorable market momentum to restart the upward march to intermediate resistances, which can be considered again from the current $6,700 to $7,000.
Volatility is expected to decrease as prices drop to the $6,000 support, where demand reinforcements are expected.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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