Sunday, February 5, 2023

Bitcoin Price Looks to the Upside Again Following Nerve-Wracking Correction

Bitcoin Price Looks to the Upside Again Following Nerve-Wracking Correction

The bitcoin price looks bullish again after a prolonged dip, with the charts now leaving the bearish signals behind. Now, the markets look poised to break $14,000 again, before pushing onwards to highs of $30,000.

Also read: Bitcoin Fund? Nope, Never Says Vanguard CEO Tim Buckley

Bitcoin Price Technical Analysis

Long-Term Analysis

Bitcoin price technical analysis

Following Fibonacci series criterion, new bitcoin price patterns increase technical objectives from $30,000 to $80,000 or more — rather than repeating the range of transfer up or down.

Last year, the market was sensitive to news and political data, but since the start of 2018, the influence seems to be based on simple rumors, opinions, institutional statements and Elliott Wave Theory. Lateral thinking stories like “the moon,” (role playing the cryptocurrencies) grew enough to make “the earth,” (role playing the banks) orbit around it, spread through social networks and drove action based on psychological triggers.

Mid-Term Analysis

Bitcoin price technical analysis

According to Gann Angles Theory, the market trends have remained bullish since November 2017, recognizing a stop-loss zone below an ascending support now around $9,000.

Indicators seem strong enough to allow values to reach the trigger angle over the $14,000 resistance and break away to climb up the Big 3rd wave to $30,000, where a congestion would be expected to slow down the oscillators.

However, price volatility remains extremely high, still allowing for the possibility of bears cracking the $9,000 and driving the price to zero after a dead cat bounce at $5,000.

Short-Term Analysis

Bitcoin price technical analysis

According to Japanese Candlestick Analysis, ancient signals like the “Evening Star” combined with “Three Crows” on December 15th, 2017 started the bearish correction  from $20,000 to Fibonacci 50% retracement support.

Now, a “Morning Star” combined with “Three Soldiers” on January 17th, 2018 could end the downward second wave to propose a reversal “Big III” movement to the up side from $10,000  to $30,000. Heading into that wave, the bitcoin price will go lateral, with the most visible technical trend heading downwards while the inner-channel quotes quietly gear up again before entering the same formation seen between October and November 2017.

What do you think will happen to the bitcoin price? Share your predictions in the comments section. 

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

Bitsonline Email Newsletter