10K Bitcoin - Argument
BTC price action and targets were correctly called. Elliot Wave Theory proved practical, and the 20K target was reached. TA from 7 months ago: 
Some Bulls are arguing this is the bottom. This post will explain why 10K is reachable: -Fundamentals: Inflation, rising interest rates, recession talks, geopolitical events including War, commodity pressure... -Coupled with the Stock Market. Sell pressure > buy pressure based on inflow/outflow data of NASDAQ/S&P 500. -Cup & Handle Formation on the DXY; Bullish for the $, bearish for securities. -BTC average decline = 85% = ~$10,000 -200 Month EMA = 10,000 |1000 Week EMA = ~9,000 -Low volume; Increased volatility -Downward room remains on indicators: Monthly RSI target of 30. - Elliot Wave Double Three: Double three is a sideways combination of two corrective patterns. When corrective patterns are combined (zigzag/flat/triangle), we get a double three. Wave Y can not pass 161.8% of wave W In Bitcoin's case, we had a combination of 2 WXY patterns and an ABC correction pattern to create a macro WXY. When taking the Fibonacci's of both micro and macro W, we get a price target in the 10K range. Testing 10K, thus, is expected. https://elliottwave-forecast.com/wp-content/uploads/2017/01/double-three3.jpg
Some Bulls are arguing this is the bottom. This post will explain why 10K is reachable: -Fundamentals: Inflation, rising interest rates, recession talks, geopolitical events including War, commodity pressure... -Coupled with the Stock Market. Sell pressure > buy pressure based on inflow/outflow data of NASDAQ/S&P 500. -Cup & Handle Formation on the DXY; Bullish for the $, bearish for securities. -BTC average decline = 85% = ~$10,000 -200 Month EMA = 10,000 |1000 Week EMA = ~9,000 -Low volume; Increased volatility -Downward room remains on indicators: Monthly RSI target of 30. - Elliot Wave Double Three: Double three is a sideways combination of two corrective patterns. When corrective patterns are combined (zigzag/flat/triangle), we get a double three. Wave Y can not pass 161.8% of wave W In Bitcoin's case, we had a combination of 2 WXY patterns and an ABC correction pattern to create a macro WXY. When taking the Fibonacci's of both micro and macro W, we get a price target in the 10K range. Testing 10K, thus, is expected. https://elliottwave-forecast.com/wp-content/uploads/2017/01/double-three3.jpg
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.