A Short-Lived Rally: Bitcoin Price to Go Sideways Again
The excitement of Bitcoin’s upward movement could be put on hold. According to the charts, we could see another period of sideways movement before the bitcoin price continues rising.
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Bitcoin Price Technical Analysis
The bitcoin price could take current levels as a new bottom. From there, the market would consolidate into a new cycle, of which the first targets could be considered at Fibonacci retracement numbers near $12,000.
The same development theory also considers a lateral market for technical indicators, synchronicity and confirmations, which has been delayed since 2018 began. Different resistance levels could turn into triggers to activate a target near $14,000 depending on news, fundamentals and institutional investors marketplace behavior.
Mathematical indicators had been very accurate so far when anticipating prices movements and considering a recent first confirmation for the year, the current stage could drive the quotes to short-term Fibonacci retracement levels between $8,000 and $12,000.
This could lead to the price crossing several resistance levels and transferring the lateral markets´ to forge new technical objectives closer to historical peaks, and perhaps beyond them.
Bullish consensus increases while a recognized inverted Head and Shoulders formation reinforces the bullish trend chance, which would be released after a sideways movement consolidate current level as a new bottom.
There is a possibility that at last prices would rise to the technical target near $14,000. In the meantime, the first bullish target was already accomplished and according to Japanese Candlesticks´ criterion. Soldiers could retreat to $7,200 where more demand would reinforce the bullish trend to drive values towards $12,000.
Mathematical indicators´ momentum need to retreat to give the bulls a better chance for developing consensus. However, it is possible that quotes increase volatility when retesting intermediate supports between $7,500 and $7,000.
A lot of observers, considered sleeping soldiers, could be ready to enter the battle during the next tumult among Soldiers´ and Crows´ signals, Fibonacci´s triggers, news, rumors and mass psychology smoke curtains and confusion, all together overlapping each others, for the next two weeks.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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