Bitcoin - The Path To $11,600 Altcoins For The Ride
Current Analysis
This chart is to show first of all the path to our current price at $8950. From here, to have a healthy run up, I feel we need a pullback to at least #4 of the current Elliot wave I've drawn. That price is about $8370. Then BTC can begin a new leg up to the area of $9785.
Trade Planning
So I plan to enter a trade in the area of $8400 and hope to exit with profits in the area of $9700. This is based on analysis of Fibonacci levels, Elliot waves, and past support\resistance levels.
The Path to $11,600
What follows is speculation and not prophecy, Drawing out a plan for the future even if only speculative, provides a framework for planning future trades. After reaching $9785 or that area it would be normal to have a corrective wave like that drawn, followed by another impulse wave upward.
Again these price levels are a combination of Elliot wave speculation, actual price history and Fibonacci levels. By the combination of these tools I see what seems to be a reasonable path to $11,600 in early June.
Altcoin Trading and Investments
There is much you can infer about the price action of the Altcoins from the price movement of Bitcoin. History shows even greater gains can be had in altcoins during a run up that in Bitcoin alone. I have a series of charts on various Altcoins that I favor, In general I only write about Altcoins that I hold in my long term hold portfolio, IE: the 80 to 90% of my portfolio that I do not trade but hold as investments.
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