BTC – The only way is UP from here – correlation with S&P500
Updated
Hi Guys!
As we assume many of you are currently waiting for a bounce off.
Unfortunately we have very small volume here but this is the only bad news right now.
Looking back to 2012 on the BTC chart we can draw long-term support. We haven’s crossed it for over 6 years.
Most probable we won’t do it right now.
This support is more less at the same level as minimum price of 1 BTC when it is profitable to dig it right now.
We think minimum profitable price is $5800. If you want more details please look at our previous analysis.
"BTC - WE ARE SAFE - WE WON'T GO BELOW 5800$"
It is down below.
So we can observe another support which was 4 times defended – this is around $6400. Please look on the chart. It is already marked.
We are testing it right now but it doesn’t seem we are going to break it either.
Moreover, we identified Elliot Waves pattern.
It this case 5 steps in the uptrend are clearly marked and also another 5 for the correction.
In our opinion it is clear full cycle has been finished.
New cycle expected.
Look again and you will see red line – this is a long-term resistance line. Most probably we will reach within a months . We should stop somewhere between $35000 - $55000. It is to early to determine the exact number. We will estimate over time. It is marked as a green rectangle.
So we think probability of going up is 80%. Unless we don't get any terrible news or major exchange is hacked we can expect price increase.
Thank you for all your comments, likes and messages.
You opinion is highy appreciated.
If you don’t want to miss the update don’t forget to follow us.
Huge hugs!
WBM Team
As we assume many of you are currently waiting for a bounce off.
Unfortunately we have very small volume here but this is the only bad news right now.
Looking back to 2012 on the BTC chart we can draw long-term support. We haven’s crossed it for over 6 years.
Most probable we won’t do it right now.
This support is more less at the same level as minimum price of 1 BTC when it is profitable to dig it right now.
We think minimum profitable price is $5800. If you want more details please look at our previous analysis.
"BTC - WE ARE SAFE - WE WON'T GO BELOW 5800$"
It is down below.
So we can observe another support which was 4 times defended – this is around $6400. Please look on the chart. It is already marked.
We are testing it right now but it doesn’t seem we are going to break it either.
Moreover, we identified Elliot Waves pattern.
It this case 5 steps in the uptrend are clearly marked and also another 5 for the correction.
In our opinion it is clear full cycle has been finished.
New cycle expected.
Look again and you will see red line – this is a long-term resistance line. Most probably we will reach within a months . We should stop somewhere between $35000 - $55000. It is to early to determine the exact number. We will estimate over time. It is marked as a green rectangle.
So we think probability of going up is 80%. Unless we don't get any terrible news or major exchange is hacked we can expect price increase.
Thank you for all your comments, likes and messages.
You opinion is highy appreciated.
If you don’t want to miss the update don’t forget to follow us.
Huge hugs!
WBM Team
Note
On the Gann Fan we can see that we are about to cross 1/1 level. From this point we should be looking for crossing 2/1 level in order to be sure we are in the uptrend.Weis Wave indicator shows us no volume. Still we have to wait.
Note
S&P500 – this is interesting correlation. Can you see any similarities? It resembles BTC chart so much.At the turn of the 2017 and 2018 we have a peak. Then rapidly down. Exactly the same pattern.
Subsequently we can see double peak again exactly the same has happened with BTC. Right now we have a recovery on S&P500 reaching levels of above mentioned double peak. If the market will be bullish for the next couple of months we can expect BTC to follow that trend.
Note
Don't panic. We are touching great support at $6400Note
Double bottom forming
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