According to the previous analysis; and by completing the pattern, Bitcoin managed to break 6800 major resistance. We are discussing the possible scenario in this post.
Here we are analysing only the possible structure using Elliott Wave Patterns and we are not indicating any price point or time-lines...
The complex structure of #BTC which started in early 2018 can end with a Diametric Papillon and a Contracting Triangle.
If this scenario becomes a reality we can predict that 6K will be the bottom region in year 2018 for Bitcoin and lower price ranges are unlikely to happen.
On the other hand we can expect a good ascending move towards 20K in the next couple of months.
Triangles are pretty common yet complex patterns to analyse and a bit hard to predict...
We will discuss lower time-frames in the next analysis using the final waves of (BCDE) within the triangle.
Comment:
Hi ,
With regards to the final contracting triangle; Wave A from the triangle is much bigger compare to that of B & C in terms of time and rate, which is a bit abnormal...
Due to this fact, the final pattern may follow with a contracting reverse which can result in wave C to break wave A bottom. Which can finally result in penetrating under 6000 support for some time...
Overall scenario: if you have closed your positions, you better watch for now until we confirm the falling pattern and structure.
I will wait for couple of more microwaves to form and update the chart soon.
Good Luck!
With regards to the final contracting triangle; Wave A from the triangle is much bigger compare to that of B & C in terms of time and rate, which is a bit abnormal...
Due to this fact, the final pattern may follow with a contracting reverse which can result in wave C to break wave A bottom. Which can finally result in penetrating under 6000 support for some time...
Overall scenario: if you have closed your positions, you better watch for now until we confirm the falling pattern and structure.
I will wait for couple of more microwaves to form and update the chart soon.
Good Luck!
Comment:
Hi , ...
Again we have those famous massive falls and overlapping of waves around 6000 area...
Bitcoin can experience a new uptrend in the form of the above mentioned wave structure.
Hi , ...
Again we have those famous massive falls and overlapping of waves around 6000 area...
Bitcoin can experience a new uptrend in the form of the above mentioned wave structure.
Comment:
Hello friends!
I was on holiday for couple of weeks and have been away from market. Give me some time and I will update the charts as soon as possible. Cheers!
I was on holiday for couple of weeks and have been away from market. Give me some time and I will update the charts as soon as possible. Cheers!
Comment:
In my eye, correction for the wave 4 may be completed with a neutral reverse following by wave 5.
Possible correction wave from the indicated region is detected.
STOP LOSS at 7600