Technical Analysis: Bitcoin Price Ready for the Moon

por Ramiro Burgos Bitcoin Analyst

Long-Term Analysis

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.

Mid-Term Analysis

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.

Short-Term Analysis

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.