Since its peak around last week of June 2019, Bitcoin has been in consolidation period since today.
But I believe Bitcoin will soon break into consolidation and will probably resume its rally again leading to the 12k range and possibly more to the upside.
I have come into this conclusion that Bitcoin might exit into this 3-month consolidation period because as a believer in the Wave Analysis (and quick refresher of the Elliott Wave principle to those new to the concept), we have 5 core patterns to observe namely, the Impulse waves, the Ending Diagonals, the Zigzags, the Flats and the Triangles.
These 5 core patterns are broken down into 2 distinct waves namely the Motive waves and the Corrective waves.
Now 2 of the core patterns belongs to the Motive waves namely the Impulse waves and the Ending Diagonals.
And 3 of the core patterns belongs to the Corrective waves namely the Zigzags, the Flats and the Triangles.
So referring to the daily chart above, Bitcoin is already trading near the Triangle wave support which is part of the Corrective waves.
Now if price will respect the trendline support, then it might go up very soon.
Btw, Figure 1.14 is a typical structure of a Triangle pattern so you'll know what it looks like both in the Bull and Bear market for our information and reference.
I will keep editing this post for more information later.
I just want to post this live updates so you can quickly see what my post is all about...
to be continued...
