The price of bitcoin has been in a price range for a week and in the last days it seems not to move
We will see what it means
Update of this analysis that I did several weeks ago, according to Elliot's waves.
The channel has been broken, more than 2 weeks ago.
The price has corrected minimally entering a lateral price range
As we will see in the graph, the price of Bitcoin has been maintained for months by a bullish channel. It is natural that when this happens the price lateralizes for a time or some correction occurs.
Starting a bullish cycle we could see that the price touches the bullish channel as resistance.
If you continue with the correction, it could be slow and lateral for many more months or strong and fast.
Elliot 5 Wave Cycle
Bullish wave orientation analysis used a 5 Elliot wave cycle
Bullish Analysis
As we see in the graph, the first 4 waves of the main impulse would already be formed. We would start the fifth wave.
And we would be in the 2 waves (of a subwave cycle) of 5 waves of elliot
At the end of wave 5 (of the secondary wave, blue color), the price of Bitcoin could reach $ 12,000.
It should in the next days break the $ 9750 dollars in its bullish movement, so that the analysis is still valid
The trend that remains bullish in the medium term, although the price of bitcoin left the ascending channel.
The target, even if you leave the channel, is still valid, unless the price corrects the price below $ 8600, which would invalidate elliot's outsourcing
Correcting the price below $ 8200 would invalidate all bullish counts in the medium term.
Downward Analysis
We saw price movements in the last weeks of bitcoin downwards so I will also analyze that possibility with waves of elliot.
As we see in the graph, the first 2 waves of the main impulse would already be formed. We would start to form the 3 elliot wave.
And we would be on the 2 waves, too, (of a subwave cycle) of 5 waves of elliot
At the end of wave 5 (of the secondary wave, red color), the price of Bitcoin could reach $ 6,450.
In the wave 5 wave cycle the price could reach $ 7,400
If the price is surpassed, the average of 21 periods daily chart would invalidate the analysis of sub-waves downwards
What you think? Bitcoin Up or Down?
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