Bitcoin Price Uncertainty: Will There Be a Recovery After All?
The bitcoin price continues going lateral under Fibonacci´s thumb. Thus, it seems like the rally we hoped for may be much further out.
Bitcoin Price Technical Analysis
A lateral sideways market is still going on among Fibonacci´s last rise retracement numbers, determined at $7,000, $7,500 and $8,000, while prices consolidate the current level as a support area, which ended the bearish trend from January 2018.
If the bouncing area confirms a reversal movement, objectives would be considered over $12,000. However, if prices dip below the supposed bouncing levels, traditional supports are at $6,800 and $5,000.
Quotes keep going on erratically without enough bullish consensus, but Fibonacci Fan Lines seems to contain the correction for the moment. According to development patterns, based on the fact that prices did exit the triangle to the up side, the next stage would be considered in the same way to higher levels.
Most sensitive technical oscillators indicators often bring bullish and bearish signals, but complementary mathematical indicators don’t confirm those signs, so values delay all definitions going sideways around $7,500.
Mixing several development theories, prices may not be ready to define an upward movement yet. However, in the Mass Psychology Analysis light, the next phase could be expected from the current level to higher levels, when quotes finally overcome the main Fibonacci Fan lines many analysts calculated to measure the reversal movement from the big correction started in January.
Descending resistance can be also defeated to the upside if the lateral market continues for another two weeks.
What do you think will happen to the bitcoin price? Share your predictions 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.
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