Bitcoin Price Gearing up for Big Rally as Demand Continues Growing

Bitcoin Price Gearing up for Big Rally as Demand Continues Growing

The bitcoin price continues testing the $6,000 USD support. Meanwhile, an active accumulation zone is building, and demand appears to be growing — both signs that support a bull run in the future.

Also read: As Cryptos Surge, Tether Is In Free Fall

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Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

Prices are consolidating at the $6,000 level as a new bottom for the current cycle. This allows for higher goals based on Fibonacci retracement numbers.

Since the beginning of 2018, values have bounced among Fibonacci-defined levels. Presently, if bullish consensus increases, the trend is ready to go up and stabilize over the 62% level across the congestion area — defined between $6,500 and $7,500 — corresponding with 24% and 50% from Fibonacci scale.

If this movement confirms, prices would leave behind the current lateral market for good, moving into higher territory.

Mid-Term Analysis

bitcoin price technical analysis

Quotes dropped back to the $6,000 support, and mathematical indicators got low enough to turn any reaction into a bullish trend.

External factors could influence the enthusiasm of institutional investors from this level, and if quotes can overcome the descending resistance at $6,700, the trend should drive the action to next a higher technical objective between $7,500 and $8,000, where some balance is expected.

Short-Term Analysis

bitcoin price technical analysis

Following Japanese Candlestick Analysis fairy examples, demand´s Soldiers were defeated again by offer´s Crows when they tried to advance into the 1,000-point battlefield settled between $6,500  and $7,500.

Reinforcements seem to be joining them from several levels below $6,500. A better market momentum has also arrived to restart the upward march from $6,000 to top targets.

This momentum has increased the soldiers chances of prevailing in battle, and overcoming the current 24% and 38% resistances to stabilize beyond Fibonacci´s 50% barrier over $7,500, and stabilize near $8,000.

What do you think will happen to the bitcoin price? Share your predictions in the comments section. 


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. To order, send an email to [email protected]

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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.

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