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Bitcoinist_Traditional Finance

Technical Indicators Still Hint at Major Bitcoin Price Rally

Ramiro Burgos
by Ramiro Burgos
8 years ago
·
Posted in Bitcoin, Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The bitcoin price is still sliding into a new bullish pattern, but given recent activity, we should expect prices to stay around the same level for a while before major upward movements make their way into the market.

Also read: Australia’s Cyber-Intelligence Team to Focus on Financial Threats

Bitcoin Price Sideways Longer than Expected, But Markets Still Preparing for New Bull Run

Long-Term Analysis

bitcoin price technical analysis

According to indicators, as well as bullish consensus, prices are sliding into a new bullish pattern that could initially manifest itself as a fast rally to $820. However, after reaching $820, another congestion area would take hold, pushing prices sideways before they continue to move higher.

The current lateral market brings a lot of false signals and the balance could break up at any moment, so be prepared for the upward movement towards $820.

Mid-Term Analysis

bitcoin price technical analysis

The current price level does not coincide with projections derived from technical indicators. The discrepancy between the current bitcoin price and the projected technical price should eventually be resolved by a big and fast movement—which we believe will most likely be a turn to the upside.

The sideways lateral trend is responsible for placing prices out of recent technical patterns. However, once the gap is closed by the upcoming movement, a new cycle will start with technical objective pointing to $820 and beyond.

Short-Term Analysis

bitcoin price technical analysis

Although the lateral market has lasted longer than expected, we still maintain that a new bull cycle is forming. To support our belief, current oscillators look strong enough to dismiss any resistance on the way to $820 when the bulls finally reenter the market.

Japanese Candlestick Analysis corroborates the oscillators, pointing to higher bitcoin prices in the short-term, kicking off a longer-term bull run.

What do you think will happen to the bitcoin price? Are the bulls still set to dominate, or will we still see sideways movement in the market? Let us know in the comments below.


Cover image courtesy of Bitcoinist.net.

This technical analysis is meant for informational purposes only. Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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