Bitcoin Price Now Pressing $9K Resistance, Tries to Leave Lateral Market Behind
The bitcoin price is back above $9,000 USD! But will it stick this time? We could appreciate a degree of skepticism there, but our weekly technical analysis report hints that it might be back on the way up. As always there are many factors at play — read on to find out what they are, and what impact they could have.
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Bitcoin Price Analysis
The bitcoin price is now challenging former peaks it reached a year ago. This time though, it is backed by news and traditional media, which seem to be the key to it overcoming the $9,000 level and finally leaving behind the sideways lateral movement between $9,000 and $7,000 it entered in May.
Upper resistances for this current upward movement are at $10,000 and $12,000, depending on external factors. According to Mass Psychology Analysis, the current Hope phase is still active, and would give way to Optimism if quotes keep the action over the $9,000 trigger.
A wait and see attitude prevails among holder operators, due to quotes that increase volatility slipping below $8,000 and rising over $9,000 in the same week. Mathematical Indicators flipped up, backing another upward movement for the near-term, unless some external factor harms the general animus.
A formation analysis in progress canceled a reversal formation by surpassing former nearby highs, and the whole picture should be redefined considering a bullish trend.
Support remains at $6,000, allowing intermediate bouncing levels between the $7,800 and $8,000 level. This acts as a psychological stop-trigger for a bearish rally if values cross that range to the down side.
A lateral market around $8,000 that started in May 2019 seems to be ending with news and some fundamental opinions backing a Bullish Consensus to send quotes to higher levels.
Resistance is still at $10,000 and $12,000, reinforcing Hope phase while setting an intermediate support at $8,000. This should also turn into a big up rally because, with the recent rise, new formations and figures in progress consolidated stability inside the rising channel to leave the behind lateral market over the $8,000 level.
Japanese Candlestick Analysis gives an advantage to demand’s Soldiers structure over offer’s Crows disorder, and the next battlefield can be expected near the $10,000 level.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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