The bitcoin price is back to $4,600, acting like a crash never happened. With a strong support base at $4,000, expect to see $5,500 soon as we make our way to $9,000.
Bitcoin Price Technical Analysis
According to several developing theories – such as Gann Angles Analysis – prices are about to break to the upside, overcoming the psychological barrier at $5,000. Such activity would trigger a bull rally, ultimately building support at $5,000 as the next floor.
This activity was made possible by the strong support at $4,000, which held the price up long enough for new traders to enter the market and increase demand. From there, bullish consensus continued to build, with technical indicators reflecting a long-term rise to $9,000.
Market patterns remain in a trendline that began in march, and calls for zig-zag movements in the price while maintaining an overall upwards trend.
Current indicators show that new traders and positive fundamentals have reinforced the gains made since March, increasing the chance of a bullish scenario moving forward.
If the price breaks the $5,500 resistance—repeating Gaan’s Angles criteria for a 3rd time—we can expect a fast rise to $6,000, after which a sideways market will emerge.
Short-term indicators show the bitcoin price going as high as $5,500 before profit taking slows the rally. A small 4th Elliot Wave has appeared in the charts, though, and if confirmed it could send the price to $6,000, even amid profit taking.
From there, it looks like bullish consensus will continue building, and the price will stay the course towards $9,000.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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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.