Bitcoin Price Holds Steady As Bulls Prepare for Big Rally
The bulls have pulled back a bit, but they haven’t given up yet. Right now, the bitcoin price is depending on external factors for a rise, while the markets have consolidated at an accumulation zone below $6,500 USD.
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Bitcoin Price Technical Analysis
Prices remain immersed in an accumulation zone below $6,500, depending on external factors to increase volatility and retry crossing the $6,500 – $7,500 congestion area.
This wide range, which has stopped the rise throughout 2018, has always sent quotes back to the $6,000 support. However, this recurrent backward pattern now seems to be balanced by an accumulation zone, which consolidates the $6,000 level as a new bottom for the current cycle and allows for higher goals based on Fibonacci retracement numbers.
Again, $6,700 has worked as an intermediate resistance, sending quotes back to the $6,000 support, which has been effective since it started in 2018.
Mathematical Indicators haven’t confirmed the bullish chance beyond a simple reaction, and bullish consensus is still too low to turn that reaction into a bullish trend.
A flat, lateral market is not attractive for speculators, and a stronger natural demand should be considered from a lower level, unless some news influences the enthusiasm of investors.
Japanese Candlestick Analysis reflects that demand´s Soldiers are not ready to prevail, and would be defeated again by offer´s Crows if they try to advance into the 1000-point battlefield settled between $6,500 and $7,500.
Reinforcements seem to be ready to join demand from several levels below $6,500 to wait for a favorable market momentum and restart the upward march to targets beyond $7,500, overcoming the current $6,700 and $7,000 resistances.
What do you think will happen to the bitcoin price? Share your comments in the comments section.
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