New Hope? Bitcoin Price Gearing Up for Rally to $10k After Massive Dump
Another chance at a bull run? It looks like it, with the bitcoin price entering an accumulation zone below $6,000 USD before duplicating to $10,000.
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Bitcoin Price Technical Analysis
The bitcoin price went below the $6,000 support to stabilize in an accumulation zone. From here, the charts tell us the price could almost double and reach $10,000.
After prices failed to move upwards to the level expected between $8,000 and $10,000, a lack of bullish consensus drove the values down, breaking the intermediate $6,000 level to the historical $4,500 support.
At that level, institutional investors could consider re-entering the game.
According to Mass Psychology Analysis, the Disbelief phase should change to Hope when prices arrive to $6,000, allowing the trend to march higher.
According to mathematical indicators, values arrived to a bouncing area expected between $5,000 and $6,000. If this scenario confirms, prices will try to advance again into the congestion area defined between $6,500 and $7,500.
So far, the price has dropped every time it has reached that congestion area.
Since the bitcoin price broke down in the last lateral market, falling below $6,000, the next support can be settled at $4,500. With the price back in a historical reacting level, the markets could anticipate a new shift depending on external factors.
The last sideways movement, which has dominated the chart since June 2018, is likely now a psychological trigger level. So, when and if prices re-enter this range from the current accumulation zone, we should see an upward rally to $10,000.
Japanese Candlestick Analysis — which anticipated the price’s fall from $6,000 to the current level — now suggests that Soldiers are entering a reinforcing area.
Offer’s Crows had just shown their strength by defeating demand’s Soldiers, which retreated down rather than face the Crows on the 1000-point battlefield between $6,500 to $7,500.
After receiving reinforcements, the Soldiers should be waiting on some external factor to drive them to battle again.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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