• 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Bitcoinist_Traditional Finance
Nexo

Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

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

Technical indicators suggest that the bitcoin price could be preparing for a rather significant correction, potentially sending it below $600. Traders shouldn’t have too much to fear though, as the decline is expected to be followed by bullish activity, resulting in a rise to $700 and beyond, hitting resistance at $1000.

Also read: Industry Report: The Halving That Came and Went

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

Bitcoin Price Looking Bearish, but Not for Long

Long-Term Analysis

bitcoin price

After a year where a rounded bottom pattern was perfectly accomplished, a new big pennant had taken place into the mid-term trading box, created as a result of the sideways lateral market that professional traders´ work let behind their accumulation activities. Perhaps we could see another month in the same price level while prices perform this pennant, which could become a bigger flag formation.

This kind of well-known pattern may also create a bullish consensus that provides some up-sliding of the trading box from the $600 support to the long-term Fibonacci resistance at $820, starting the first wave of the Elliot´s theoretical pattern staying inside the next level box with a probable ladder step rebound at the $700 support level. All of these movements will occur in a major zig-zag advancing pattern toward the second box´s higher resistance of $1000.

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

Mid-Term Analysis

bitcoin price

Forming a kind of trading box with support at $600 and resistance at $820, prices had composited other patterns that could help traders to figure their marketplace, like several rising lines that provide reference for making decisions.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Meanwhile, prices advance in a slow rising zig zag movement, which should become a fireworks show of growth in about 2 months’ time, when the third phase of Elliott wave theory gets real in the charts.

Right now, mathematical oscillators are giving enough signals to sustain the bullish consensus, and to allow the suspicion of far higher prices at the end of the year.

When the present flag pole reaches the $820 resistance, the support will have to be relocated at $700 like a ladder step rise sliding the box to next level.

Short-Term Analysis

bitcoin price

According to volume indicators and candlestick analysis, prices are preparing for a down movement, which may create panic selling from weak hands. This selloff would hit a big support level below $600—probably near 580—where strong hands and big players could be planning their purchases.

After this probable downward slide, the next movement in the present trading box could send prices upward for another 100 points, performing a fast rebound to $820.

Following that rise, a bear correction will send the bitcoin price to a new support level around $700, launching a new sideways lateral movement with resistance at $1000. This trading pattern is expected to hold for the next two weeks.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Shutterstock.

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

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

4 hours ago
Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

10 hours ago
UNCTAD, document heading

UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do

3 days ago
Bitcoin Crypto

Crypto Market Sees $510M Futures Flush As Bitcoin Breaks $24.5k

3 days ago
bitcoin family

“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?

3 days ago
Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets

Zipmex Opens Crypto Withdrawals After Pausing Due To Volatile Markets

4 days 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 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.