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.
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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.
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.
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.
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