China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon
It looks like the bitcoin price is back on track. After undergoing a correction, technical indicators show the digital currency pushing through the negative news and embarking on a rally to $5,500.
Bitcoin Price Technical Analysis
With plenty of volatility the markets ended the 4th wave of Elliott´s Theory, taking the bitcoin price below the $3,800 support. Now, that price point serves as resistance and, if broken, a signal that the 5th Elliot Wave has started.
If that resistance is broken, the next technical objective appears to be $5,500, where another zig-zag, “ABC” phase is expected. During this period, the markets will bring in new investors, which will ultimately trigger a long-term rally to $9,000 by the end of 2017.
Elliot Wave Theory reflects a completed, second successive mini-movement. This action involves the end of the construction of a major 3rd and 4th waves that drove prices from $650 in April 2017 to the present level.
This allowed the start a new, third mini-complete movement to build the 5th wave over $5,500, where a lateral market would take place and send the trading action far higher — near $9,000 according to developing theories.
Continuing the same rise initiated in July, the current accumulation area could break to the up side towards the $3,800 resistance in a fast zig-zag rally, which could drive the bitcoin price to a higher level.
According to indicators, volatility is rising quickly, and $4,300 can be evaluated as the first technical goal in the short-term. Even with negative news and bullish fundamentals, technical data shows the price rising anyway, stabilizing near $5,500.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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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.