Relief May Be Near as Bitcoin Price Stabilizes at $3,000 - Bitsonline

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.

Also read: New White House Bitcoin Supporter Unlikely to Cause a Crypto Stir 

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Bitcoin Price Technical Analysis

Long-Term Analysis

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.

Mid-Term Analysis

bitcoin price technical analysis

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.

Short-Term Analysis

bitcoin price technical analysis

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. 

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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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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