The Bitcoin bullish rally will be anticipated in case there is a strong bullish candle that breaks and closes above the resistance level of $3,726.
A breakout below the support level of $3,094 will further decline in Bitcoin price towards $2,261 – $1,500 price level. Traders can remain flat as long the consolidation continues.
The traders should watch out for the breakout before taking the position. Should the bulls defend the $3,949 price level, the Bitcoin price may rally to the north and have its target at $5,084 – $5,667.
The Bitcoin price of $3,450 is a crucial accumulation territory which may return the bulls into the market. However, if broken downside it will lead to a new low of $2,937.
In case the bears were able to break down side the accumulation territory of $5,419 the Bitcoin price will have its low at $5,336. If the accumulation territory of $5,419 holds the bulls may take over the market.
The major crypto continues falling on Thursday, trading at around $5,768, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
The bulls will be required to gain enough momentum in order to break out from the upper trend line of the symmetrical triangle before noticeable volatility in the Bitcoin market. Traders should be patient and watch out for the break out before placing a trade.
Should the bears increase their momentum and break down the accumulation territory of $6,137, Bitcoin will head towards the lower accumulation territory of $6,032.
In case the bulls increase their momentum and sustain it, there is a possibility that the pair would head towards the north with very strong momentum.
Thomas Lee has updated his Bitcoin price forecast for this year. Now he predicts that it will reach $22,000 in 2018 instead of $25,000.