Bull: Price won’t drop below about $9,000
Reason: $9000 area is a previous support
2 Scenarios:
Bear: If price drops below $8900, it will drop further to $6500 - $4800 zones.
Reason: At the $8900 zone we hit the 200 Moving Average (MA)
Bull: Price drop should end at $8900, from where price will move to $15000 zone.
Reason: 5th final Elliot Wave complete at $8900
Bear: Market going down to $8800 zone:
Reason:
5th Elliot wave is completing at $8800 zone
$8800 zone is the .5 on the Fibonacci
Bear: If price breaks below $8900, it will drop to $8200-$8400
Reason: $8200-$8400 is the .618 Fibonacci. Price has highest chance of going here.
2 Scenarios:
Bull: Price may bounce from $9000 and head to $10,500
Bear: Once we get to $10,500, price should drop below $9000.
*Disclaimer: This article is not to be construed as financial advice. It merely represents the opinion of the editors. You should always do your due diligence and rely on your own best judgment.
