BitcoinLong
Updated ElliottWave - BTC Bullish moves ~$11,800ish - key level
As per my previous #Bitcoin analysis posts, I believe #ElliottWaveTheory is the most prominent to conduct #BTC technical analysis, aiming to give me some picture of what is going on. Remember, the idea here is to try an map some scenarios as to the future path, and with key levels applied to #EWT typically the trends are identifiable.
Keep in mind the investors opinion of the market effects how you implement #EWT, i'm bullish hence I believe we have just seen an ABC correction from the ATH of $19,800 to the recent low of $5,800. From this low, BTC has rallied hard in a impulse to circa 11,750-800 made up of micro waves, we then experienced a pull back as expected (not as deep as #analysis suggested) to the first key bull support of circa $9200-9300. Support was found here and we have since been impulsing our way back to the previous high of $11,750-11,800, as I type we are not quite there.
The analysis would still suggest we are still en route as suspected, this statement will be further supported once we break the key resistance level as shown by the horizontal #RED, the high of wave 1. Once BTC advances through this level, its likely strong buying pressure will arise.
If this fails and we drop below the near term #MA and failing this support we may experience a pull back to 9,300 which will then be a key indicator of the next move.
Not shown on the graph but the Bullish uptick is confirmed by the breakout of the negative channel and current RSI further supports there is plenty of room for this strong #Bullish move.
Updates to follow.
Keep in mind the investors opinion of the market effects how you implement #EWT, i'm bullish hence I believe we have just seen an ABC correction from the ATH of $19,800 to the recent low of $5,800. From this low, BTC has rallied hard in a impulse to circa 11,750-800 made up of micro waves, we then experienced a pull back as expected (not as deep as #analysis suggested) to the first key bull support of circa $9200-9300. Support was found here and we have since been impulsing our way back to the previous high of $11,750-11,800, as I type we are not quite there.
The analysis would still suggest we are still en route as suspected, this statement will be further supported once we break the key resistance level as shown by the horizontal #RED, the high of wave 1. Once BTC advances through this level, its likely strong buying pressure will arise.
If this fails and we drop below the near term #MA and failing this support we may experience a pull back to 9,300 which will then be a key indicator of the next move.
Not shown on the graph but the Bullish uptick is confirmed by the breakout of the negative channel and current RSI further supports there is plenty of room for this strong #Bullish move.
Updates to follow.
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