Source: Bits Online, originally published on .
The bitcoin price has started an upward movement while bullish consensus increases. Could this finally be the end of the slump?
Also read: Staked-Out LocalBitcoins Trader Victim of Armed Home Invasion
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Bitcoin Price Technical Analysis
After testing traditional supports between $6,000 and $4,500, prices could be starting an upward movement to accomplish the upper target of the rectangle-triangle they recently exited from, activating the upper target near $12,000.
On the other hand, if values were exit the formation to the bearish side, the target all analysts were considering was zero, and several institutional opinion builders could share that possibility with mass media to improve purchase prices.
According to Fibonacci retracement numbers, after prices overcame the first Fan Line in February, a lateral market started below the influence of the 50% descending resistance for two months.
When the second Fan Line was broken, the same impulse overcame the third one too, transforming it into a theoretical support. The current lateral stage is driving quotes away from the bearish market influence, and any external factor, even negative, would park an upward movement.
Following the 7,000 year-old fairy examples from Japanese Candlesticks, when prices toured traditional supports below $6,000, sleeping Soldiers were activated. Now, they are arriving to the battle against the Crows, driving the negotiation to higher levels.
Short-term Fibonacci Fan Lines work as resistances now, but they could turn into triggers if prices cross them to the up side, even sustaining a sideways movement for another week, while optimism reinforces demand and bullish consensus increases.
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.
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.
The post Bitcoin Price Possibly Gearing Up for Rally After Long Slump appeared first on Bitsonline.