Resting Up: Bitcoin Price Takes a Pit Stop on the Way to $3500
The bitcoin price has entered a sideways market, changing hands from weak to strong in preparation for the breakout rally to $3000 USD.
Bitcoin Price Technical Analysis
The bitcoin price has gone sideways for now. Meanwhile, a big pennant has formed in the chart that will allow a significant long-term rise if the price breaks up to the $2600 level. This price point previously served as an upper-bound objective, and more recently acted as a support level before last week’s dip.
Now, it stands as a trigger. If the markets break $2600, the price will embark upon an upward trajectory to reach objectives of $3500 and beyond.
A big triangle pattern has formed in the mid-term charts, overlapping all other figures.
If the basement is transferred to the up side, BTC will start rising towards the current $3500 objective. In a downside scenario, the bitcoin price would drop back to $1900 match the 3500 objective and for the down side would send prices back to 1900.
Both of these scenarios depend heavily on news activity, fundamentals and community politics. At the same time, new investors continue entering the market as a result of growing global interest in Bitcoin.
A big rising channel seems to have determined short-term prices since late May.
Within this channel, if the bitcoin price can sustain quotes over $2390, the currency will easily surpass the $3150 resistance and rise to higher objectives.
On the other hand, if the bitcoin price goes below $2390, the ongoing sideways market could turn bearish, driving the price as low as $1900.
What do you think will happen to the bitcoin price? Share your predictions and thoughts in the comments below.
Cover image via Pixabay, charts via BitKan.
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.
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