Bitcoin Price Shows Strength, Upward Movement Still Building
The bitcoin price has continued holding a lateral market, allowing bullish consensus to increase further. Thus, the markets have increased the possibility of another upward trend.
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Bitcoin Price Technical Analysis
The bitcoin price seems to have abandoned the bearish trend, turning towards a lateral market backed by an Elliott Wave Theory pattern.
The next stage would take current traditional support levels between $6,000 and $4,500 USD to consolidate a new starting cycle towards Fibonacci retracement numbers near $12,000.
Following the same criterion, values are touring among theoretical triggers, which could surprisingly transfer the action to the C phase near $8,000, where another lateral market is expected to smooth the trend and create a flag formation.
The current lateral stage is driving quotes away from the bearish market influence. Any external factor, even negative, would detonate an upward movement to end the progressing Elliott’s pullback.
Mathematical indicators reflect increasing market strength, and according to Mass Psychology Analysis, any increase of negative fundamental data could trigger a delayed reversal pattern from current levels.
Following Japanese Candlestick Analysis’ fairy examples, sleeping Soldiers were awakened and are now arriving to battle against the Crows holding a lateral market, which could derivate the action to higher levels.
If prices keep sustaining a sideways movement far from the bearish trend, while bullish consensus increases, the next movement could be expected to be towards $8,000, where the last C phase from Elliott’s theory ends.
The current lateral market has been going on since mid-June, where an inverted Head and Shoulders formation started taking place in the charts. When and if the current Elliott’s C phase ends, the second shoulder would be accomplished and the next rally could be ready to begin.
What do you think will happen to the bitcoin price? Share your predictions in the comments section below.
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.
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