Bitcoin Price Finally Goes Bullish After $7,000 Resistance Is Broken
Finally, we have strong enough information to confirm that the bitcoin price is now in a new bullish trend. After overcoming the $7,000 USD resistance, new targets have been activated near $8,000 and new supports have been established between $6,000 and $6,500.
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Bitcoin Price Technical Analysis
After breaking the $6,000 level to the upside, the lateral market gave way to former targets at $7,000 and $8,000, which were activated following Fibonacci Retracement Numbers. Now, all attention from mass media is focused on repeating the 2017 pattern that resulted in a climb to $19,000. Consensus is growing to provide technical support for these new levels.
Meanwhile, the bitcoin price approaches $8,000, hand-in-hand with external factors backing bullish development. Mass Psychology Analysis reflects that the Disbelief Phase is giving way to Hope and the new upward movement is leaving behind the bearish trend.
As the bitcoin price continues soaring to higher levels, the wait-and-see attitude among market participants has faded and given way to marketplace action. With this up-shift in market activity, all technical indicators show strong signals of upward movement, which was activated when quotes surpassed $6,000, forging a new support level.
A new resistance level can be calculated at $8,000, creating a trigger target to activate higher levels near $10,000. At any rate, if prices start a new lateral movement, support can be calculated between $6,200 and $6,000.
Taking advantage of the Crows´ mess, Demand´s soldiers have prevailed and are driving the action to the $7,000 scenario, where a lateral market could begin.
Bollinger bands are now wide open like they were in November 2018 and April 2019. If the next definition goes up, the target can be calculated near the $8,000 resistance, and if Crows reorganize their distribution range among the Hope Phase and Bullish Consensus, support is estimated between $5,500 and $6,000.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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]
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