Categories: Bitcoin Business

With the Bitcoin Price Steady at $5,500, We Could See a Bull Rally Soon

Click here to view original web page at bitsonline.com

It looks like the bitcoin price is getting more support than expected from the bulls. Currently straddled at $5,500 USD, a new lateral market has been established, with the possibility of another bullish breakout.

Also read: Forbes Publishes List of Billion-Dollar Companies Using Blockchain Technology

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

Bitcoin Price Technical Analysis

Long-Term Analysis

The Disbelief Phase from Mass Psychological Analysis currently maintains bitcoin prices in the same lateral market range started in December 2018. This time, however, the lateral market is bumping up against the top edge of the sideways channel. If prices could fully overcome $5,500, most analysts would transfer the same width of the lateral channel to the upper stage, enabling new bullish targets from $6,500 to $8,000

On the other hand, basic support and resistance analysis still keeps the possible $2,800 floor active, from where uncertainty would tune the bullish consensus to start a definite upward trend with verifiable technical support. The wait-and-see trading posture still seems to dominate all market participants and will continue to do so until the market determines if average basic signs are reliable.

Mid-Term Analysis

So far, 2019 seems to be running by Fibonacci Criteria, so we are seriously considering the theory’s retracement numbers, which point to $4,750 as bouncing area. These criteria also highlight $2,800 as an active bearish target.

However, if the current sideways trend continues running, all indicators will produce new signals for consideration. If that happens, the current bitcoin price level may become strong enough to constitute a reliable floor.

Short-Term Analysis

A new distribution area between $5,500 and $4,800 has emerged and could be adjusted to a $5,000 to $4,750 range. Following Japanese Candlestick fairy examples, Offer´s Crows control the current distribution area, while Demand´s Soldiers wait at a correction level near $4,750 to re-enter the battlefield with a chance at victory.

The market is still confused by contradictory media reports and political factors. Prices jumped back into the Bollinger Bands area, pointing to a correction level between $5m000 and $4,500. However, that theoretical defense could be razed to 2800 if average investors maintain their wait-and-see postures until a bullish trend begins from a lower point.

What do you think will happen to the bitcoin price? Share your predictions in the comments section.

If you find Ramiro’s analyses interesting or helpful, you can find out more about how he comes to his conclusions by checking out his primer book, the Manual de Análisis Técnico Aplicado a los Mercados Bursátiles. The text covers the whole range of technical analysis concepts, from introductory to advanced and everything in between. To order, send an email to manualdeanalisistecnico@gmail.com

Image via Pixabay

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

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Who’s Trading Bitcoin? A Look at Trading Volume by Country in 2019

If you look for statistics on bitcoin trading volume by country, you may be surprised to learn that there is… Read More

45 mins ago

PR: Kinesis Partners With Hardware Wallet Provider CoolbitX

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material.… Read More

46 mins ago

FT Compares Bitcoin Salaries to De Facto Slave Labor

Getting paid in bitcoin? You should be offended, apparently. | Source: Shutterstock; Edited by CCN By CCN Markets : In… Read More

46 mins ago

How blockchain is revolutionizing recruitment

There is no denying that blockchain technology has the potential to completely revolutionize most – if not all – industries… Read More

46 mins ago

Bitcoin Price ‘Will Struggle’ in Big Financial Crisis, Says Investor

Spencer Bogart, a general partner at venture capital firm Blockchain Capital, thinks that Bitcoin ( BTC ) will be a… Read More

48 mins ago

Pompliano: Bitcoin Will Be In Every Institutional Investor’s Portfolio

American investor and Morgan Creek Digital Assets co-founder Anthony Pompliano says that Bitcoin will end up in every institutional investor’s… Read More

48 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More