Bitcoin Price Stabilizing Before Rally to $10k and Beyond
The bitcoin price is now in an accumulation zone, preparing to enter a turbulent range between $6,500 USD and $7,500. Depending on how bitcoin performs in the turbulence, we could see new technical goals between $8,000 and $10,000.
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Bitcoin Price Technical Analysis
Based on Fibonacci retracement numbers and Mass Psychology Analysis, the trend seems to be ready to go up, depending on some external factors.
The current Disbelief psychological phase would change into Hope, when quotes overcome the congestion area settled between $6,500 and $7,500. That change could happen if bullish consensus gets stronger and prices directly shift to the upper level between $8,000 and $10,000 to start a new lateral market.
The bitcoin price has left behind a triangle formation by overcoming the resistance to the up side through a lateral movement. Projecting triangle´s height, a target could be analyzed near $8,400.
Mathematical indicators sustain the last reaction in an active mode, allowing a quotation rise to the announced levels. Support can be considered at $6,400 and $6,000.
Because prices failed several times when they tried to march into the congestion area defined between $6,500 and $7,500, they will probably rally to the next level instead of trying to march across the range in a smooth trendline.
Japanese Candlestick Analysis reflects demand´s Soldiers reinforcing near the $6,000 support.
With that renewed strength, prices seems to be entering again into the 1000-point battlefield settled from $6,500 to $7,500, with a serious chance to briefly prevail in battle over offer´s crows before rallying to the up side.
and find some balance when and if surpass that selling range and reach the technical targets between $8,000 and $10,000.
What do you think will happen to the bitcoin price? Share your productions in the comments section.
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