More Sideways Movement Ahead As Bitcoin Price Struggles to Rise

The bitcoin price is now testing traditional supports. Based on current charts, bitcoin will continue holding a lateral market before starting an upward movement.

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Bitcoin Price Technical Analysis

Long-Term Analysis

Following well-known Mass Psychology Analysis patterns, prices are touring the traditional supports between $6,000 and $4,500 to hold a lateral sideways market.

The main horizontal resistance can be considered at $12,000. Intermediate objectives are being analyzing at $10,000 and $8,000, if and when the $7,000 level gets overcome.

External factors dominate the action, and a lot of data is delayed or released intentionally based on different marketplace strategies by different sectors.

Mid-Term Analysis

Since values exit a triangle formation to the upside, they left behind the bearish trend to start a lateral sideways market.

According to Mass Psychology Analysis, prices are exposed to rumors, news and political data, always contradictory to create a smokescreen that only favors the better informed sectors.

The Fibonacci 62% Fan Line, calculated from the Historical High at $20,000, works as a descending theoretical support. If and when quotes move away from their influence through the current lateral movement, the bullish rally would be released.

Short-Term Analysis

Soldiers became strong among the traditional support below $6,000 and directed the action towards $7,000, where Crows are supposed to prevail.

Candlesticks fairy stages refer to a tumult in the present level. This congestion would bring a lot of signals to follow during the next week and also the time prices need to consolidate the lateral market going up to Fibonacci retracement numbers between $6,800 and $8,500.

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

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

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