Bitcoin Price Holds Steady As Bulls Prepare for Big Rally - Bitsonline

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

Long-Term Analysis

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.

Mid-Term Analysis

bitcoin price technical analysis

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.

Short-Term Analysis

bitcoin price technical analysis

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. 

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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