News Bitcoin Price to Stall Yet Again After Failed Bull...

Bitcoin Price to Stall Yet Again After Failed Bull Rally Attempt


- Advertisment -

Bitcoin Price to Stall Yet Again After Failed Bull Rally Attempt

Bitcoin Price to Stall Yet Again After Failed Bull Rally Attempt

Heaven must wait, unfortunately. The bitcoin price could drop and test the $6,000 USD support again, due to a lack of bullish consensus.

Also read: SEC Report Highlights Enforcement Actions Against ICO Scams

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

The current Disbelief psychological phase could last for another week, delaying the change into Hope, while quotes retest the $6,000 support.

General conditions depend on some external factors that didn’t arrive. Consequently, institutional investors won’t back any uptrend possibilities at the moment, discouraging bullish consensus to re-enter the congestion area between $6,500 and $7,500.

Thus, unfortunately, the upper-level targets between $8,000 and $10,000 — where a new lateral market is expected to start — are not in sight for now.

Mid-Term Analysis

bitcoin price technical analysis

According to Fibonacci retracement numbers, the first target could be analyzed between 24 percent and 38 percent near $8,400. However, mathematical indicators can’t sustain a last reaction anymore in an active mode, allowing a bearish correction back to the $6,000 support.

Prices failed several times when they tried to march into the congestion area between $6,500 and $7,500. That negative record probably turned bullish consensus into a wait-and-see defensive attitude among operators.

Short-Term Analysis

bitcoin price technical analysis

Japanese Candlestick Analysis reflects a fall to the $6,000 support, where Soldiers have a reinforcing area.

Offer’s Crows seems to be strong enough to force a retreat for demand´s Soldiers, instead of facing them on the 1000-point battlefield between $6,500 and $7,500.

Technical targets between $8,000 and $10,000 should be disabled for the moment, until mathematical indicators show more bullish strength. 

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. To order, send an email to [email protected]


Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

Source link


Please enter your comment!
Please enter your name here

Latest news

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...

UNICEF’s 125 ETH Investment Took Less Than 20 Minutes and Cost Less Than $20

"The digital world is coming to us faster than we could have imagined," said UNICEF chief Chris...

Analysis: Is Bitcoin (BTC) Still Viewed As A Dark Web Currency?

There is a long past of Bitcoin (BTC) – due to its anonymity – being used in...
- Advertisement -Bitcoin Price to Stall Yet Again After Failed Bull Rally Attempt

A Beginner’s Guide to Day Trading Crypto

Much of the activity that comes from the crypto-space originates from the crypto-trading community. Buying and selling...

1/3 of Institutional Investors Have Cryptocurrency Placements

What the research by Fidelity Investments shows. In the US and Europe, 36% of...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you