Looking at the charts, it appears the bitcoin price is still heading down even further. While the market has held steady, there is still downward pressure pushing the price towards the $3,000 USD level.
Also read: Bitcoin Price Heading for Another Drop After Two Months of Stability
Bitcoin Price Technical Analysis
There is still nothing in the market to stimulate the bitcoin price to the upside, so the market has stayed lateral while downward pressure continues pushing the price towards the $3,000 level.
With that downward pressure continuing, the price could head down to the pre-bubble support at $2,000 and attempt a “V” bounce near $2,500. Mass Psychological Analysis now shows a mix of disinterest and disbelief, which can drive traders from a wait-and-see attitude to capitulation.
Contradictory opinions shared by big investors influence weak hands in building semi-professional portfolios. This distribution benefits accumulation strategies, allowing the bitcoin price to perform a “V” bottom formation from $2,500.
If this idea confirms, it would kick off a reversion to $4,000 and start a new, long-term bullish cycle.
If the downtrend breaks the current lateral market, the bears will ignore the theoretical support at $3,000.
Mixing Japanese Candlesticks with Gann Angles Analysis, Crows are pushing demand down and driving prices out of the current lateral market. If Soldiers can’t prevail in battle, they will retreat from $3,000 to $2,500, anticipating a return to the pre-bubble support.
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 [email protected]
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