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
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.
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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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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