Bitcoin Prices Immerse In a Volatile Zig-zag Lateral Action Could Head Down to Bounce at $3300
Bitcoin Prices Immerse In a Volatile Zig-zag Lateral Action Could Head Down to Bounce at $3300.
Long-term Analysis
A new congestion area is between $3300 and $7000. Quotes are covering that range up and down with plenty of volatility. For at least for another six weeks to break out of it perhaps to the upside. Now the trend seems to be headed down to $3300. Following Mass Psychology´s phases and development, the Disbelief phase is on due to the bearish correction anticipated in the charts. A distribution area is increasing the offer and demand is missing, to drive the breakout idea down to next support near $3000 or below. External factors and News started bringing grounds to a natural integration of Bitcoin to global portfolios as an accepted asset in the mid-term future. So while the bullish idea reverse, values would go lateral from now to June.
Mid-term Analysis
After a significant Inverted Flag formation could stimulate all players to step aside. Leaving prices to drift a little while before falling to $3300 and below. A partial reversal movement took place as expected as a kind of confirmation to activate the current new $3000 basis points scenario. Positive political factors from traditional mass media and promises for the future, could attract the public to receive the massive selling distribution from Smart Money and Institutional Investors. Mathematical indicators, which works as a sustaining net to contextualize with traditional formations reflect the market weakness
Short-term Analysis
Japanese Candlestick evaluation favors the offer. Following the Elliot Wave Theory, a bearish 3rd movement is possible, heading quotes down to $3300 levels. Even volatility provides some isolated peaks near $7000, but the trend seems to be going down. According to Fibonacci Fan lines, the next stage could be a central sustaining area arise plenty of volatility could recognize an intermediate level at $5000 as a probable Dead Cat Bounce. After halving, demand´ soldiers should reorder themselves to clash against the crows with a chance to prevail. Yet for the moment they can badly defend $4000 level as a trigger if $3300 can stop next panic sell.
Article Produced By
Ramiro Burgos
Ramiro is a technical analyst specializing in stocks, futures, options and Bitcoin. He provides weekly analysis on the bitcoin price for Bitsonline. Based in Buenos Aires, Argentina, Ramiro has worked in the financial industry since 1987, with his technical analyses appearing in local and global news publications.
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