Today I bring you an update of this analysis that I did more than a week ago, according to Elliot's waves.
I have corrected the channel so that the price keeps moving within it, after the price correction 2 days ago
Let's see
The channel has broken, 2 days ago but only because of the candle wicks, we must see that Bitcoin's closing price was above the false channel breakout channel.
The price closed above the support line of the channel, therefore, it is a false breakdown of the ascending channel and the channel will remain in effect.
I have corrected the channel graph 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.
Bullish Wave Targeting 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 be starting 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 sub wave, color blue), the price of Bitcoin could reach $ 13,000
What you think? Will Bitcoin price continue to rise through 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.
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