Bitcoin Price Going Sideways Around $12K as Volatility Increases
So the bitcoin price bull run — one that promised to take BTC to new heights and create levels of FOMO we haven’t yet seen — hasn’t happened… yet. Read our weekly technical analysis to decide if it could still, or make us wait in suspense for another few months.
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Bitcoin Price Technical Analysis
The bitcoin price briefly reached the $14,000 level before dropping backward below $12,000 resistance. Meanwhile, volatility increased to define a wide range for high and low quoting action, which recognizes intermediate support levels at $9,000 and $7,000.
An increasing Bullish Consensus points to the next target for our current upward movement at $16,000, as happened in January 2018, but due to every purchase since March 2018 being profitable, prices are drifting into a distribution area.
Mass Psychology Analysis reflects the Optimism phase could remain active if quotes keep the action over $10,000.
Mathematical Indicators backed the upward movement to $14,000, projecting the zig-zag bullish trend to higher levels. However this idea only works if quotes sustain the action between $12,000 and $10,000 when it swings down. New resistance at $12,000 could became a new support on the way up, and the next target level to consider should be $16,000.
On the other hand, if values go below $10,000, The bitcoin price could re-enter its former lateral market between $9,000 and $7,000, exposing the market to external factors stimulation from media and political events.
According to Japanese Candlestick Analysis, our current battlefield among Soldiers from demand and offer´s Crows can be expected between the $10,000 and $12,000 level.
Following Bollinger Bands Analysis, this current stage repeats the last patterns from April and May, sustaining new conquered levels after a rise from a briefly lateral market.
A triangle formation could delay the consensus-driven rise to $16,000 until the lateral market consolidates at present levels, and mathematical indicators become ready to back another upward movement.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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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