Bitcoin Price Looks Promising as Bull Rally Continues to Develop
The bitcoin price may look bleak right now. However, according to the charts, it is covering the lateral market for the last time before starting a new cycle to higher levels.
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Bitcoin Price Technical Analysis
According to Elliott Wave Theory, a big 3rd phase could be on towards $30,000 USD, but several zig-zag intermediate targets must be accomplished while building that movement as time goes by.
Following the same Fibonacci rules confirmed during the 2nd downward correction, the first target to be considered can be calculated near $10,000 for the current stage. Traditional support still stands between $6,000 and $4,500, from where prices had bounced four times so far, including a recent Inverted Head and Shoulders pattern that reinforced bullish consensus.
Prices have held a sideways pattern since the second Elliott Wave arrived to the third Fibonacci Fan Line at the $6,000 zone in February 2018. Inside the current sideways movement, a triangle took place and higher objectives were activated by transferring the triangle´s height to the up side.
Considering the temporal projection of the pattern to the present, a confirmed pattern should contribute to overcoming the channel´s resistance between $10,000 and $12,000, from where a correction could be expected before entering the third bullish wave.
Mathematical indicators allows a rise from current prices to nearby Fibonacci retracement numbers, crossing a 1,000 basis points battlefield from $6,500 to $7,500.
Japanese Candlesticks Analysis reflect another Morning Star signal at $6,000 support, and quotes could be driven by Soldiers to face the Crows over the descending resistance. If that resistance is broken, it would work as a psychological trigger and boost the action to build a big Inverted Head and Shoulders formation that will need further analysis.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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