Bitcoin (BTC/USD) Today Last chance to continue down the bullish channel - $ 13,000 dollar target still possible?

Today you should close the price of Bitcoin above the bullish channel so that the channel remains valid

Update of this analysis that I did less than a week ago, according to Elliot's waves.

Let's see

Captura de pantalla 2020-06-18 a las 6.58.55 p.m..png

The channel has broken, 3 days ago, but only due to the candle wicks, we should see that the Bitcoin closing price was above the false channel breakout channel.
The price closed above the channel support line, therefore it is a fakeout of the ascending channel and the channel will remain in effect. Today we see that he tries to break it.

I have corrected the channel chart by taking the price correction as the end of wave 2 (blue sub-wave)

As we will see in the graph, the price of Bitcoin has been maintained for months by a bullish channel that at some point will stop producing a strong correction. But until it happens, we can track a price through this bullish channel.

Captura de pantalla 2020-06-18 a las 7.00.54 p.m..png

Elliot 5 Wave Cycle

Bullish wave orientation analysis used a 5 Elliot wave cycle

For this analysis I made assumptions to make it valid

  • Bitcoin price could continue to fluctuate through the bullish channel.
  • The resistance lines will coincide with the end of the elliot waves.

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 $ 13,000.

Today it should close above the bullish channel so that the channel remains valid

The trend that remains bullish in the medium term, even though it leaves the ascending channel.

The goal even if you leave the channel is still valid, unless the price corrects the price below $ 8600, which would invalidate the elliot sub-count

Correcting the price below $ 8100 would invalidate all bullish counts in the medium term.

But there is still a hope, that the price today will close above $ 9550 approximately, would recover the bullish channel.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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Comments 4

@tipu curate

19.06.2020 14:06

Thanks for your vote

19.06.2020 14:14

I leave you the link of another post that I made with good content

Bitcoin (BTC / USD) Positive Correlation - Bitcoin vs. S&P500 and Nikkei Does it influence price?

Thank you

19.06.2020 14:33