Bitcoin Price Needs Positive News to Break Sideways Chop - Bitsonline

Bitcoin Price Needs Positive News to Break Sideways Chop

This bitcoin price continues moving sideways, further consolidating current levels. So, for now, we are relying on positive news to activate a bull rally that will break us out of the current trend.

Also read: Mainstream and Beyond: The Future of Cryptocurrency

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Long-Term Analysis

bitcoin

Among big exposure to news, contradictory fundamentals, false rumors and political data, the bitcoin price currently holds a lateral market between traditional supports: $6,000 USD, $4,500, and over and below the $7,000 axe.

Increasing bullish consensus recognizes a psychological trigger at $8,000 and  a resistance at $9,000, waiting on some news to release a delayed upward initial movement to higher levels.

Mid-Term Analysis

The next stage to be considered could be an upward movement towards $9,000, as an initial recovery of the Fibonacci Retracement Numbers.

Reviewing the most important asset highs since 1980, Bitcoin has its place in history side-by-side with other well known traditional assets. These facts are good enough to upgrade the current price level as consolidated from here to resume the next bullish trend.

Short-Term Analysis

A tie situation around $7,000 could keep going in the chart for another week while volatility increases.

The Japanese Candlesticks fairy examples refer to a large tumult which receives more and more crows. Without reinforcements, Soldiers could wait between first and second supports before launching into battle to defend the values and attempt to drive the quotes above $9,000.

Lateral channel support at $6,000 could be tested. Second traditional support is at $4,500.

What do you think will happen to the bitcoin price? Share your predictions in the comments section 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.

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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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