The bitcoin price has spent the last week in a sideways pattern, which has managed to hold off the drop from our previous forecast. However, the markets are still on thin ice, and a lot needs to happen to keep this balance between stability and a dangerous, bearish psychological scenario.
Bitcoin Price Technical Analysis
The bitcoin price has gone lateral through a fragile psychological scenario, attempting to leave behind the bearish pressure pushing the action to lower levels. On the other hand, a trigger level for a reversion can be analyzed at $4,300 USD, where new resistance is getting stronger and the bitcoin price can’t currently overcome the barrier.
A precarious third position has emerged from the wait-and-see attitude among observers and institutional investors. This scenario sustains a sideways lateral movement that — if it lasts another week — would build a new, intermediate support at current values.
The current lateral market went through an important resistance line, allowing the bitcoin price to hold off the big plunge that previously seemed inevitable. This extended sideways movement is sustaining the current Disbelief Mass Psychology Analysis phase, rather than pushing traders into the Anger or Capitulation phases.
Transferring the last lateral range to current activity, prices could confirm the “imaginary” $3,000 support revealed by Round Numbers Theory if selling pressure breaks down the trend.
Elliott Wave Theory counting is over and Japanese Candlestick fairy images take hold, reflecting that offer´s Crows control at the $4,000 level.
Soldiers of demand are not capable of prevailing though, and are gradually retreating from battle again. Meanwhile, Crows are getting stronger and are receiving reinforcements to push them down — as happened throughout 2018. If the current sideways movement fails, Soldiers could reorganize a battle plan below the old 2017 real support level… at $2,000.
What do you think will happen to the bitcoin price? Share your thoughts in the comments section.
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