The bitcoin price is building different formations to overcome $12,000 USD as a first objective on the way to higher record prices. Currently, however, those records are entirely dependent on external factors.
Bitcoin Price Technical Analysis
Prices are currently overlapping different technical formations while bullish consensus continues to increase in reaction to news, rumors, and political data.
The best-known figures to consider are two different triangles and a little flag, all backing the idea of an upward movement to start towards a resistance level near $12,000. That’s just before the Fibonacci retracement numbers, calculated at $13,320, corresponding to 38 percent from the whole downtrend, $15,000 according to 50 percent, or $16,680 at 62 percent.
External factors have reinforced the $6000 level as a surprising support, canceling the bearish objectives. A lateral market could smooth the action until another fundamental hint appears in the media.
A big symmetrical mid-term triangle could be the main formation to consider while following other two minor overlapping figures: a confused rectangular triangle, which often breaks to the down side, but this time surprisingly went up; and a little flag in the nearby, just to spark a rise that leaves behind the dangerous bearish trend and exits to the up side.
A two-month time lap to accomplish Fibonacci technical objectives has begun, and a lateral market is supposed to complicate the climb because of the wide exposure of different opinions that characterize an emerging market.
Currently, support stands at $6,000. If this supports breaks down, all bearish objectives should be re-entered into analysis. However, if the little flag works as a psychological trigger, quotes would climb back to December 2017 highs.
Mathematical indicators showed bullish signals two weeks ago, coinciding with the Japanese Candlestick Morning Star fantasy figure. Following this ancestral criterion, the upward movement is backed by many Soldiers to scare away the Crows.
Further mixing this ancestral nomenclature with medieval Fibonacci forecasting, interpreted by Elliott Wave Theory, the next stage could be a 3rd up wave to $12,000, where resistance will be the test to overcome.
Because an external factor defined the trend to the upside from $8,000 to the current level, it would be appropriate to assume that any other negative external factor would also be able to affect the new bullish development.
What do you think will happen to the bitcoin price? Share your predictions in the comments section 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.
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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.
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