Relief May Be Near as Bitcoin Price Stabilizes at $3,000
We may now be seeing some relief in the ongoing bear market. Based on the charts, the bitcoin price has started a sideways movement to sustain the $3,000 USD psychological support.
Bitcoin Price Technical Analysis
While the market immerses operators’ feelings into a psychological scenario, nothing but an imaginary support based on Round Numbers Theory currently sustains the $3,000 level.
The old 2017 bitcoin price support remains below $2,000, but if fundamentals hold values sideways between $3,000 and $3,500, contradictory opinions would create a general confusion and quotes could reverse the current Disbelief Mass Psychology Analysis’ phase to a Hope phase from this point, avoiding any fall to lower levels.
According to basic Formation Analysis, these criteria could coincide and point the action down to $1,800.
First, a lateral trendline transferred to the down scenario. Second, an Inverted Flag and a 45-degree bearish market started when the bitcoin price broke down from $6,000. Considering a strong psychological pressure towards the Disbelief phase, the Contrary Opinion Theory becomes an indicator to consult among General Confusion.
From there, a lateral sideways movement around $3,000 would prevail and dismiss any plunge to $2,000, or a reversion to $4,500.
Combining Japanese Candlesticks’ fairy images with Elliott Wave Theory, some of offer’s Crows seem to have descended from the 1000-point bitcoin price battlefield between $4,500 and $5,500 to the $4,000 level.
This would challenge a few Soldiers of demand to advance from the real $2,000 support to a $3,000 psychological one, helping the Soldiers organize a battle plan in the current lateral market while performing ABC Elliott´s reversal attempt for a sideways stabilization.
Soldiers and Crows seem to draw influence from media to set certain scenarios based on fundamentals. While these factors may cut the bearish trend, a true victory will depend on which side receives fundamental reinforcements first.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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