Here is my view using Weekly Chart Analysis based on Fibonacci extension along time and price. Have a look for detailed comments on the chart.
A solid point to remember now is that we never fully re-traced early Feb 2018 low i.e. 6000. So, Elliott wave is still valid.
---- Comment ----
A possible bullish sketch on WEEKLY Chart - Perhaps we are seeing 9k for the last time this year.
This is an example based on Fibonacci Levels & Channels.
The importance of Elliott wave will be confirmed when the Weekly channel up will breakout 11.7k resistance level.
If confirmed, we will see a new high possibly as wave # 3 (above 161.8%). The ultimate corrective wave-4 shall not negate & become lower than 11.7k. If happens later this year, we will see another ATH above 361%.
Note: This analysis assumes that we are not going to follow the 2014-15 historical trend. It is a one-sided view for the time being since all of us know very well what happened in 2014-15 may not repeat since we have dozens of ways to continue trading and dozens of new and better platforms. People are more aware & investors or infrastructure around is stronger. All this yields an exponential growth due to increase in demand.
A solid point to remember now is that we never fully re-traced early Feb 2018 low i.e. 6000. So, Elliott wave is still valid.
---- Comment ----
A possible bullish sketch on WEEKLY Chart - Perhaps we are seeing 9k for the last time this year.
This is an example based on Fibonacci Levels & Channels.
The importance of Elliott wave will be confirmed when the Weekly channel up will breakout 11.7k resistance level.
If confirmed, we will see a new high possibly as wave # 3 (above 161.8%). The ultimate corrective wave-4 shall not negate & become lower than 11.7k. If happens later this year, we will see another ATH above 361%.
Note: This analysis assumes that we are not going to follow the 2014-15 historical trend. It is a one-sided view for the time being since all of us know very well what happened in 2014-15 may not repeat since we have dozens of ways to continue trading and dozens of new and better platforms. People are more aware & investors or infrastructure around is stronger. All this yields an exponential growth due to increase in demand.
Note
This is the time to buy post 78.6% to 88.6% retracement levels (7200 - 6880).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.