Bitcoin’s about to do something radical — but in which direction? With the bitcoin price swinging wildly up and down, our technical indicators have produced two wildly different scenarios. Essentially, BTC will either soar to $50,000 USD — or it will plummet to $6,500 in search of a support level.
Bitcoin Price Technical Analysis
Long Term Analysis
Technical levels can be evaluated at $12,000, $15,000, $17,000, $20,000 and $22,000 — as functional supports or resistances among the high volatility, multimedia action and political factors.
According to Fibonacci’s principal key references, possible rebounds can be expected at $13,600, $11,500 and $9,400. From any of these, a more optimistic consensus could start a bull run to double the values again — and even add a little more following the Round Numbers Theory.
Mid Term Analysis
Mathematical indicators have dropped enough without prices changing trend, and every broken support is now a potential resistance that could work as a trigger if it’s reached.
If supply and demand find balance in a lateral market, a new bullish momentum would attract a renewed public to the action with massive levels of interest. Moving averages would smooth the prices and swing to a natural correction, before a huge upward advance to a new scenario.
Short Term Analysis
Gann Angles’ bearish analysis puts prices in a bearish zone for the shorter term. Now the mathematical indicators are low, a briefly lateral movement would sustain the quotes to reach the trigger angle and restart on rising to $22,000 as a first technical objective.
From here, congestion would be expected before going to higher levels, but be warned: if that does not happen, the next support can be analyzed at… $6,500.
Do you agree with this analysis, or have a prediction of your own? Let’s hear it in the comments.
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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.