Bitcoin Price Topped $9000, Could Activate a New Resistance at $10K
June 4, 2019 by Ramiro Burgos
It’s been another wild week for bitcoin price watchers, with their favorite cryptoasset briefly topping $9,000 USD. The mini bull run lost some steam as BTC crashed back below $8,000 and others fell by similar percentages. What could happen next? Read our technical analysis report for a better idea.
Also read: Bitcoin Price Finally Goes Bullish After $7,000 Resistance Is Broken
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Bitcoin Price Analysis
Long-Term Analysis
After the last rocket climb to $8,000 flipped up all indicators, the Disbelief Mass Psychological Analysis phase gave way to Hope. Due to a bullish consensus recovery, targets at $8,000 were surpassed amid strong support from Fundamentals, News, and traditional media to reach the $9,000 level.
The most probable scenario can be analyzed with prices entering a sideways lateral movement between $8,000 and $10,000, possibly with $7,000 as a strong support level if prices exit that range. Upper resistances (if an upward movement starts) are at $10,000 and $12,000, depending on external factors.
Mid-Term Analysis
When quotes reactivated the $8,000 target, Formation analysis showed a new Diamond in the chart, bringing back a Wait and See attitude among operators. The current lateral market seems to recognize $9,000 as an upper resistance and $8,000 as a primary support — building another Diamond formation in the process.
If values break out to the up side, the next resistance can be confirmed at $10,000. Mathematical indicators reflect high volatility, and bullish consensus increases from positive traditional media coverage on bitcoin’s recent performance.
Short-Term Analysis
After a long term lateral market, an uptrend that started on April is driving the action through the current $9,000 scenario. New formations and figures reflect stability inside the rising channel recently conquered.
If values consolidate around the $8,000 level by sustaining a lateral market, bitcoin’s next step would be to rise to $10,000. If a Wait and See attitude prevails among operators, a new Diamond formation could delay any upward movement until some external factor backs the Bullish Consensus and Hope psychological phase. This could give way to Optimism with neutral positions re-entering. However if the $8,000 support is broken, the next support remains at $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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