• 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: Bitcoin Price Cycle Nearing a Close

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

While fundamental analysts predict a continued rally to $1000 and beyond for the foreseeable future, technical indicators paint a more detailed picture. According to the charts, the ride up to $1000 will be bumpy, with periods of profit taking and resistance, especially around the $800 range. 

Also read: Blockchain as the Matrix: Are We Entering a Virtual Life?

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

Technical Analysis: Bumps in the Road

Long-Term Analysis

bitcoin technical analysis

 

Almost at the $820 technical objective level, a distribution zone could take place with a trading box among this resistance and $600.

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

Indicators reflect fiction prices at this level, with irregular trading volume because of the distribution activity depending on the fresh demand of new holders. However, the less volatility there is in a resistance level allows the contrary opinion theory, and main players should be placing their profit taking with a re-buying strategy at $600.

Major figures have been accomplished, and Fibonacci is getting fulfilled, as well as the Gann Angles Theory, rounded bottom pattern and every mathematical forecast.

Only news and fundamentals support the present climbing, and any of those components have the capability to smash the present scenario for a technical correction that ends the cycle to start another from the $600 level, with a sideways trading box zig-zagging to $820, leading into a rise to 1800 at the end of 2016.

Mid-Term Analysis

bitcoin technical analysis

Now, prices are rising, reaching the distribution zone at $820 / $790, where a heavy short marketplace is expected.

According to indicators, the up-trend line is strong enough to accomplish this technical objective and to end this mid-term cycle with a short correction to $600, placing the quotes into a trading box among $820 and $600 in a three-month sideways lateral market that zig-zags the chart, ending the present scenario and starting a fresh one from the box to new technical objectives around $1800 at the end of 2016.

Only political data, fundamentals and hot news are sustaining the present rise, adding the wishful thinking of current players whom are anticipating a continued rally to the $1000 level.

Technical analysis points to a different situation introducing the possibility of a short distribution zone around $820 and re-buying area at $600 in a zig-zag movement for the next time period.

Short-Term Analysis

bitcoin technical analysis

The only support remains at $600, while prices head towards resistance at $820, getting into a trading box with these top and bottom levels.

There are not any minima to take in account as with the mid-term analysis, but volume isn’t thick enough to ensure any of the picks as a technical goal.

If a correction movement takes place, it would be the end of a large cycle from the $1200 high in December 2013, and the start of after a zig-zag sideways lateral box lasting three months with 200 basis points in a trading active range, which can be considered by the direct observation of the volume activity.

As with every trading range, contingent orders will be placed in a pyramid model that recognizes the oscillator signals of slow stochastics and RSI from below $630 and over $790, in an attempt to harvest profits that lowers the main position cost in the forecasting of the new cycle rise to $1800 for the end of 2016.

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

 

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

short bitcoin

Inverse Bitcoin ETF Sees 300% Increase In Short Interest

5 mins ago
Bitcoin

Bitcoin Bear Market Sends On-Chain Metrics Into Sideways Trend

4 hours ago
bitcoin addresses

Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

6 hours ago
Crypto

Crypto Lender Voyager Digital Goes Bankrupt After Three Arrows Collapse

9 hours ago
South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

15 hours ago
Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

16 hours 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.