Bitcoin Price Goes Sideways Again… What Will the Next Stage Be?
July 22, 2019 by Ramiro Burgos
The bitcoin price has made a few attempts to push back to those peaks of a month ago… but ultimately traders and hodlers alike were left staring at chart lines that refused to make big leaps up or down. Fundamentals and external factors may balance the confusion to define the next stage, but what might they be? Read on to learn more.
Also read: Bitcoin Price Hits $12K Resistance Hard, Repeats Old Patterns at a Lower Level
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Bitcoin Price Technical Analysis
Long-Term Analysis
After recovering the field from 2018-19’s $3,000 days, eventually the bitcoin price couldn’t go beyond that $14,000 target. Its upward momemntum turned instead into a sideways movement before stepping back below $12,000 resistance.
Due to media coverage of the rise, volatility and a bullish consensus left behind the Disbelief phase according to Mass Psychological Analysis, giving way to Hope and Optimism. It then defined a wider range for high and low quoting action, which includes prices going up and down across a 4,000 basis point range so far. Prices slipped from a starting range between $14,000 and $10,000 to the current one between 12000 and 8000, while recognizing $9,000 as a support level. The above-mentioned Optimism phase will depend on quotes if BTC is to stay over $10,000.
Mid-Term Analysis
Mathematical Indicators have headed down and the lateral market only sustains the action between $12,000 and $10,000, while volatility swings the quotes up and down.
External factors may stimulate prices to go to higher levels, recognizing a strong resistance at $12,000 — which could be a nuisance that gets in the way, but also potentially a psychological trigger for the bullish trend to drive the action closer the recent peak at $14,000. On the other hand, if enough time goes by without any reaction and values brake down to $10,000, prices could re-enter the former lateral market between $9,000 and $7,000, cancelling temporarily the upper targets.
Short-Term Analysis
Japanese Candlestick Analysis’ Fairy images reflect that Offer’s Crows could be strong enough to prevail against Soldiers from Demand on an imaginary battlefield between 10000 and 12000 level — unless some external factor contributes to boosting an uptrend to higher levels. This activity could get locked in for two months between $9,000 and $7,000 and, if the market slips down, it could return to the previous range.
Bollinger Bands Analysis marks the spot that prices crossed down the center reference, changing current patterns to a bearish-sideways profile movement. Depending on News, if prices recover some strength and surpass that $12,000 resistance, it could activate a hypothetical rise back beyond $14,000.
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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