Bitcoin Price Going Sideways Around $12K as Volatility Increases

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. 

Also read: Bitcoin Price Could Hit $12K or Even $16K After Recent Surge

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Bitcoin Price Technical Analysis

Long-Term Analysis

Bitcoin Price Technical Analysis Chart 1 July 2019 Long Term

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.

Mid-Term Analysis

Bitcoin Price Technical Analysis Chart 1 July 2019 MID

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.

Short-Term Analysis

Bitcoin Price Technical Analysis Chart 1 July 2019 SHORT TERM

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.

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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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