Waiting Game: Bulls Need More Time Before Bitcoin Price Explodes
The bitcoin price continues holding in a lateral market while bullish consensus increases. Based on the charts, we may have to endure this sideways activity for a little while before the bulls take over.
Bitcoin Price Technical Analysis
Two different formations rule the current behavior of the trend. First, there’s a diamond, which ended the bullish cycle that reached $20,000 on December 2017 to start a downward movement to $6,500. Secondly, a big triangle surprisingly defined to the up side due to external factors.
Now, a lateral market would hold the prices at the current level while bullish consensus increases and reaches Fibonacci retracement numbers between $11,000 and $14,000.
Contradictory rumors, news and political data contributes to confusion and, according to Mass Psychology Analysis, anger, depression and disbelief phases are on, gearing up for a reversal upward movement.
If prices just keep on the lateral path between $7,500 and $9,000, the recently-abandoned bearish channel would be far enough away to attract the quotes again to lower levels.
Following the fanciful examples of Japanese Candlesticks criterion, during the current lateral market soldiers are expected to receive reinforcements, but prices are exposed at this stage to unpredictable external factors.
However, all currently-present crows could not tear down the trend and when the Soldiers are grouped of three, the upward movement should start towards a first technical objective near $12,000.
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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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.