Strong Signals Showing a Big Bitcoin Price Rise Soon
The bitcoin price is trying to leave behind the 2018 lateral market and hit another upward swing. Now, the last technical battlefield is set between $6,500 USD and $7,500.
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Bitcoin Price Technical Analysis
Prices crossed the third Fibonacci Fan Line and gave the first signal of a new upward cycle.
Mass Psychology Analysis considers that only specialized investors would react in the current phase, while institutional operators decide whether or not to reinforce the movement.
The depression phase has turned into disbelief, and within the same evolution it could change again to hope after several positive days, driving quotes to $7,700.
The sideways market has finally moved away from the bearish influence and successive targets can be activated to the up side.
While the bitcoin price confirms the new cycle by pulling back the action from current levels to Fibonacci retracement lines, intermediate resistances at $7,500 and $7,700 could change into confirmation signals if they are overcome. This would act as a trigger to boost the upward movement.
Support that has proven to be effective during 2018, and it still stands between $6,000 and $5,700. Zig zag activity would be expected while volatility increase and values define the new bullish trend.
Several criteria coincide in the possibility of an important reversion. The most visible is an Inverted Head and Shoulders formation in process that — if confirmed by overcoming the Neckline trigger at $7,900 — would activate higher technical objectives near Fibonacci retracement levels.
Mathematical Indicators show bullish confirmation, signalling that a price rise is pending. Before accomplishing that signal, Japanese Candlestick Analysis reflects a 1000 basis points battlefield between $6,500 and $7,500. In that range, there will be plenty of trading activity among Soldiers and Crows, and the result will depend on which side receives reinforcements first.
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. To order, send an email to [email protected]com
Image via Pixabay, Ramiro Burgos
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