Bitcoin Price Is Creeping Slowly Back Up. Is It a New Hope Phase?
August 5, 2019 by Ramiro Burgos
What a wild week! Well, not at all really. The bitcoin price has gone lateral while creeping slowly back past the $11,000 USD level. Offer and demand are balancing to consolidate a new Hope psychological stage. Read our latest weekly technical analysis to find out more.
Also read: Bitcoin Price Goes Bearish as Media Squishes Enthusiasm
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Bitcoin Price Technical Analysis
Long-Term Analysis
The bitcoin price is actually touring a fragile sideways movement into a wide range. This increases volatility, which recognizes a resistance at the $14,000 level and a support near $9,000.
This entire 5,000 basis point stage could be transferred up or down, depending on fundamentals or external political factors like News or authorities’ proclamations, sending the action to challenge 2017’s former highest peak beyond $19,000… or down, back to $4,000.
If $14,000 becomes a psychological trigger, it should give way to a Euphoria phase if and when it get surpassed. On the other hand, if the $9,000 support level can’t sustain our current Hope general sentiment, it could trigger Panic if prices cross it down.
Mid-Term Analysis
Mathematical Indicators flipped up, favoring a lateral development action between $9,000 and $14,000, while volatility increases to swing the quotes up and down.
Contradictory external factors could stimulate prices, recognizing a strong resistance at $14,000 and an intermediate one at $12,000 — which could reinforce the bullish consensus if values overcome it.
On the other hand, if time goes by without any reaction and values brake down to $10,000, prices could re-enter their former lateral market between $9,000 and $7,000, cancelling temporarily the upper targets.
Short-Term Analysis
Mixing Bollinger Bands Analysis with Japanese Candlestick Analysis’ fairy images, offer’s Crows seem to be strong enough to control the upper band against Soldiers from demand at an imaginary battlefield between the $10,000 and $12,000 level.
If Soldiers lose their positions by slipping backward, the activity could get locked for two months between $9,000 and $7,000. Depending on News and institutional marketplace activity, if prices recover some strength and surpass $12,000 resistance, it would activate an hypothetical rise 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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