Bitcoin Price May Stay at $10K for a While, but Watch for a Jump
August 26, 2019 by Ramiro Burgos
Hope you’re enjoying the calm weather — the current bitcoin price lateral market could be locked around $10,000 USD for another month. Meanwhile, mathematical indicators are going down but could turnover for a great upward rally later. Read our weekly technical analysis to find out more.
Also read: Bitcoin Price Hovering Round $10K, But Could Rally Again
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Bitcoin Price Technical Analysis
Long-Term Analysis
Prices have recognized a resistance at the $12,000 level, and a support near $9,000, keeping a sideways lateral market around $10,000 which could last for another month. That’s even though the action is still moving among an unstable 3,000 basis point stage, Bullish Consensus reinforces the previous Hope phase from Mass Psychology Analysis, creating a safety sensation on the bullish chance.
Depending on whether external factors make way for Optimism, if and when values overcome $12,000, the current distribution pattern could melt down the trend to $6,000 in case the $9,000 support level gets broken. However new participants, dragged out from other industries and mainstream public into Crypto by traditional media data-bombing, could balance the offer/demand relationship by overflowing the status quo and changing the general market profile to favor a big bullish rally. That is, if and when institutional investors enter the game.
Mid-Term Analysis
Mathematical Indicators are heading down, while quotes keep reinforcing the lateral development structure around $10,000, which is now pressing the upper bound from a descending resistance of a mini bearish trendline at $10,300.
Some high volatility action dispersed the general will last week, but it now brings signals for activation of upper targets in the future, by sustaining the present level against mathematical indicators weakness in the background´s bullish frame.
If the current lateral market leaves and moves away from the influence of our current bearish trend, values could stick to a new third upward Elliott Wave and overcome $12,000 triggering a bullish rally,
Short-Term Analysis
Elliott Wave Theory seems to signal this new third upward movement, one that could reach the $12,000 level. If the sideways movement sustain $10,000 level for another week, Japanese Candlestick analysis’ Fairy Soldiers could be ready and prevail in a battle backing a mayor movement. But that’s if and when they exit the present weak scenario driving the action sideways first for a first stage, and to higher targets next month.
Bollinger Bands Analysis is still negative, showing prices below the centerline that stay in the lower band, and Japanese Candlestick Analysis’ imaginary examples propose Demand Soldiers are not ready yet. They’re ordering themselves to be strong enough to balance the current selling pressure before they start a solid upward advance next month.
Offer´s Crows distribution power is still active, and if offering prevails in the distribution action, all the activity should shift down to get locked for another two months at a lower level between $9,000 and $7,000, staying in this current bearish channel.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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Images via Pixabay, Ramiro Burgos
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