• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin Price Technical Analysis
Nexo

Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

Ramiro Burgos by Ramiro Burgos
6 years ago
in Bitcoin Investment, Bitcoin, Markets and Prices, News, News teaser, Trending
0

As the bitcoin price rally gets into high gear, technical indicators at the long, mid and short term levels suggest that there could be corrections on the horizon, after a continued rise to $820 USD. 

Also read: Bitcoin Price Bursts Ahead, Nearing $700 USD

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Let’s take a look at the indicators in the first installment of Bitcoinist.net’s new technical analysis series by Ramiro Burgos

Bitcoin Price Analysis

Long Term Analysis

june 12 long Bitcoin price

Prices are breaking at every resistance placed by Gann Angles Theory, and also had left back the big triangle accomplishing all the technical objectives.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Taking on all the historical prices data, Fibonacci numbers at the 50% zone would be reached at $670, and the last forecasting on 62% is placed at $820, climbing to $1000 following the round numbers theory.

When we focus on the current recovering movement, the mathematical indicators still show strong signals to the bull market.

But the bubble is on, and every stop loss could follow the climb, producing an approximate 5% pull back. The present rise is just a long term technical correction from the bear market that started in November 2013, and finished in January 2015.

This long-term, upwards correction is about to end with a new correction to $600 as the current big support, likely creating a sideways lateral market and starting a new technical cycle from the new $600 level.

Midterm Analysis

june 12 mid Bitcoin price

After successive up-breaking, resistance quotes are arriving to a distribution zone, which could be between $670 and $820 due to long-term Fibonacci numbers indicating this up correction from the bear market which took place in 2014.

Now the strongest support shows itself at the recent broken resistance on $600, fixing trading activity among $670 and $820. According to indicators, the strong demand would let prices reach a new level to the up side buy that would be considered a distribution zone because of the overbuying signals from main volatility oscillators.

While investors is focus their math on the 100 level, moving stop losses are recommended on 5% spread behind spot prices, leaving time to accomplish the end of the present cycle, which could  happen in July 2016 or at $820.

Short-Term Analysis

june 12 near Bitcoin price

The rising support at $600 seems to be strong enough, and prices still climbing over the 670 level trying to accomplish the long-term Fibonacci numbers at $820 level.

The distribution zone among 670 and 820 could be big enough to take the prices back to 600, creating a lateral sideways market starting a new long term cycle, and closing the current cycle that started on November 2013. This new cycle could have a similar duration as the November 2013 cycle currently coming to a close.

Traders should place moving stop losses at 2, 3 or 5%, but the new lateral sideways movement could have its resistance at $670 after we reach the projected $820 peak. Everybody should wait to sell their positions at $1000, but should also be aware of possible forced stop loss order activations at $820.

Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin. Trade at your own risk.

Article written by Ramiro Burgos.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ramiro Burgos

Ramiro Burgos

Related Posts

Bitcoin

Crypto Market Madness Leads To Surge In Bitcoin On-Chain Activity

12 mins ago
Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

Sam Bankman-Fried: Bitcoin Isn’t A Viable Payment Network

4 hours ago
US Justice

US Justice Department Executes First Criminal Crypto Charge

5 hours ago
Terra

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

7 hours ago
Texas, a huge boot in front of a store

Bitcoin & Energy Merge In Texas: 3 Giant Companies Announce New Mining Facility

18 hours ago
El salvador

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.