Bitcoin Price to Stall Yet Again After Failed Bull Rally Attempt
Heaven must wait, unfortunately. The bitcoin price could drop and test the $6,000 USD support again, due to a lack of bullish consensus.
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Bitcoin Price Technical Analysis
The current Disbelief psychological phase could last for another week, delaying the change into Hope, while quotes retest the $6,000 support.
General conditions depend on some external factors that didn’t arrive. Consequently, institutional investors won’t back any uptrend possibilities at the moment, discouraging bullish consensus to re-enter the congestion area between $6,500 and $7,500.
Thus, unfortunately, the upper-level targets between $8,000 and $10,000 — where a new lateral market is expected to start — are not in sight for now.
According to Fibonacci retracement numbers, the first target could be analyzed between 24 percent and 38 percent near $8,400. However, mathematical indicators can’t sustain a last reaction anymore in an active mode, allowing a bearish correction back to the $6,000 support.
Prices failed several times when they tried to march into the congestion area between $6,500 and $7,500. That negative record probably turned bullish consensus into a wait-and-see defensive attitude among operators.
Japanese Candlestick Analysis reflects a fall to the $6,000 support, where Soldiers have a reinforcing area.
Offer’s Crows seems to be strong enough to force a retreat for demand´s Soldiers, instead of facing them on the 1000-point battlefield between $6,500 and $7,500.
Technical targets between $8,000 and $10,000 should be disabled for the moment, until mathematical indicators show more bullish strength.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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