Bitcoin Price Gathering Pace: $8K or More by Christmas?
December 23, 2019 by Ramiro Burgos
The bitcoin price is still stuck in the $7,000 USD range despite its bump over the past 24 hours. A bit of Christmas cheer is always welcome, but is it temporary or a sign of better things to come? Read our weekly technical analysis to find out.
Also read: Bitcoin Price: It’s $7K for Now, but Hope Is on the Horizon
Bitcoin Price Technical Analysis
Long-Term Analysis
A lateral market is recognizing the ascending curve of a Rounded Bottom Formation at $7,000, consolidating grounds for a rise to higher levels. According to Mass Psychological Analysis, a Hope phase could give way to Optimism (depending on News) and any bound could spark a chain reaction of positive signals, backing the rise to our next resistance at $9,000.
On the other hand, if quotes keep going sideways and walk away from the curve, they could lose strength and fall to the next support — calculated near $6,000.
Mid-Term Analysis
Volatility and mathematical indicators reflect a bullish scenario, depending on external factors to gear the elements for a rise.
Fibonacci Retracement Numbers theory favors the values to march upwards, and we have a Double Bottom formation in progress with a target near $8,500. A little flag appeared in the chart to back the bullish reaction by general consensus and, if it confirms, moving averages would synchronize with prices at an intermediate level between $8,000 and $10,000.
Short-Term Analysis
Japanese Candlesticks imaginary battlefield is still controlled by Offer’s Crows, and that could be settled between $8,000 and $1,200. These Demand Soldiers can’t meet the Crows in battle and prevail, at least without logistical supplies from technical tools.
Following Bollinger Bands Analysis, Demand Soldiers should enter the battle after the current flag develops its rising pattern, and prices cross up the center line of this criterion — leaving behind the bearish trend and progressing also into next Gann Angles theoretical next stage on the way to 10,000.
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]
Images via Pixabay, Ramiro Burgos
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.
