The bitcoin price has started to move has broken the resistance of $ 10500 and we will see possible bullish targets and the price drop
Let's see
Update of this analysis that I made several weeks ago, according to Elliot's waves.
I have moved the bullish channel to indicate possible targets for the price to go higher.
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 is lateralized for a time or some correction occurs. As it has done in the last 2 months
The price in the last days started to go upwards breaking supports
Starting a new bullish cycle, we could see the price touch half of the bullish channel as resistance.
Elliot 5 Wave Cycle
A 5 Elliot wave cycle was used for the bullish analysis. And we analyze the 5th wave in formation
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 sub wave cycle) of 5 waves of elliot
At the end of wave 5 (of the secondary wave, blue color), the price of Bitcoin could reach $ 13,900 dollars
We could see in the coming days a break in the price to $ 12500 dollars in its upward movement, so that the analysis remains valid
The trend that remains bullish in the short term.
Correcting the price below $ 8,800 would invalidate all bullish counts in the medium term.
Downward analysis
We saw price movements in the last days was quite bullish and at some point you should correct the price
For now we have no indicators in the price that indicate how far it could go in a possible correction
Based on the price supports, we could build a cycle of 5 price correction waves.
At the end of wave 5 (of the wave, red color), the price of Bitcoin could reach $ 6800 dollars.
What you think? Bitcoin up or down?
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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