Bitcoin Price Continues Holding Pattern: When Will We See Movement?
The bitcoin price is currently holding in a lateral market, working to consolidate a reversal impulse. That impulse could turn into a boosting uptrend, sending the price much higher.
Bitcoin Price Technical Analysis
Prices could hold the current lateral market for another week before establishing a definite up or downtrend. If the sideways movement keeps going among Fibonacci’s $7,000, $7,500, and $8,000 USD technical supports, the signal would be bullish and the reversal target should be calculated according to main Fibonacci retracement numbers over $12,000.
If quotes cross over the third descending Fan line sustaining the current level, major analysts would support the idea of the start of a bullish trend. Traditional supports still stand at $6,400 and $4,500.
A big triangle could be considered as a technical correction, of which the definition was to the bullish side. The current lateral movement, which brought a bullish signal for the next stage, should follow the assigned pattern and go up to synchronize prices with the theoretical expected values over $14,000.
Leaving aside development theories, traditional resistances are strong at $9,000 and $12,000, while Mass Psychology Analysis Phases become more and more evident.
Inside the wide lateral sideways movement, we can identify some activity to consider. Prices came up from a bearish mini trendline by joining three Soldiers.
Following the Japanese Candlesticks fairy criterion, Crows would leave the fight to higher levels, allowing a price climb to face traditional resistances at $9,000 and $12,000, where the battle between offer and demand could find an appropriate scenario after a consolidation of the current level.
What do you think will happen to the bitcoin price? Share your predictions in the comments section below.
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.
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