The bitcoin price has finally recovered after a longer than expected lateral stage, returning to technical patterns forecasting a big rally to $820.
Technical Analysis: Bitcoin Price Ready for the Moon
After a longer than expected lateral sideways movement, traders have finally pushed the bitcoin market into a recovery, allowing the price to return to the technical quote level.
There are no visible resistance levels that can stop this upward climb until we reach $820. Volume indicators reflect that big players have already taken positions to allow this rally to happen, so the rise to $800 and beyond should be smooth.
This upward movement suggests the start of a new technical cycle. If that’s true, we can expect the bitcoin price to start a longer-term growth trajectory to prices near $1800. We predict that these price levels will be reached by the end of the year.
Mathematical indicators have exposed big differences between this past lateral movement and the synchronicity lag, suggesting that a large rally to $1200 and beyond may hit the market much sooner than expected.
Fundamentals and political factors could promote the climb for the rest of the year, as a consensus regarding a nascent, global bitcoin economy emerges.
Oscillator signals concerning the next rise are strong enough to dismiss every intermediate resistance level before 820, allowing for projections of a smooth rise to the $800 price level.
Several signals in Japanese candlestick analysis reflects that this persistent lateral movement is now over, with inter-market analysis finally allowing a chance for upward movements. Mixing several theoretical possibilities and a lot of lateral thinking, we can imagine a global opportunity for a continued rise.
What do you think will happen to the bitcoin price? Let us know in the comments below!
Cover image courtesy of Calpers Loan.
This technical analysis is meant for informational purposes only. Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin.