More Sideways Movement Ahead As Bitcoin Price Struggles to Rise
The bitcoin price is now testing traditional supports. Based on current charts, bitcoin will continue holding a lateral market before starting an upward movement.
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Bitcoin Price Technical Analysis
Following well-known Mass Psychology Analysis patterns, prices are touring the traditional supports between $6,000 and $4,500 to hold a lateral sideways market.
The main horizontal resistance can be considered at $12,000. Intermediate objectives are being analyzing at $10,000 and $8,000, if and when the $7,000 level gets overcome.
External factors dominate the action, and a lot of data is delayed or released intentionally based on different marketplace strategies by different sectors.
Since values exit a triangle formation to the upside, they left behind the bearish trend to start a lateral sideways market.
According to Mass Psychology Analysis, prices are exposed to rumors, news and political data, always contradictory to create a smokescreen that only favors the better informed sectors.
The Fibonacci 62% Fan Line, calculated from the Historical High at $20,000, works as a descending theoretical support. If and when quotes move away from their influence through the current lateral movement, the bullish rally would be released.
Soldiers became strong among the traditional support below $6,000 and directed the action towards $7,000, where Crows are supposed to prevail.
Candlesticks fairy stages refer to a tumult in the present level. This congestion would bring a lot of signals to follow during the next week and also the time prices need to consolidate the lateral market going up to Fibonacci retracement numbers between $6,800 and $8,500.
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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