The price of bitcoin has started to go down, has it broken the resistance of $ 11000 and will we see possible downward price targets or will it be the floor and the price will go up?
Let's see
Update to this analysis I did several days ago, based on Elliot Waves.
What has happened in these months
I have moved the bullish channel to indicate possible price targets to go higher.
As we will see in the graph, the price of Bitcoin has been maintained for months by a bullish channel. It is natural that when this happens, the price is lateralized for a time or some correction occurs. As it has done in the last months
The price in the last days started going down, breaking supports
Elliot 5 Wave Cycle
A 5 Elliot wave cycle was used for bullish analysis. And we would be in a corrective wave 4 or we could be about to start a wave 5 in formation
Bullish analysis
As we see in the graph, the first 4 waves of the main impulse would already be formed.
And we would be on the 5 waves of elliot
At the end of wave 5 (of the secondary wave, blue color), the price of Bitcoin could reach approximately $ 14,000.
We should see in the next few days a price rise towards $ 12,500 dollars in its upward movement, to begin to form the 5 wave
The trend that remains bullish in the short term.
Correcting the price below $ 7,500 would invalidate all bullish counts in the medium term.
Downward analysis
We saw price movements in previous weeks was quite bullish and at some point the price should correct.
This last week that correction has begun in Bitcon
We could be that wave 4 is complete or continues the price correcting.
For now there are no indicators in the price that tells us how far it could go in a possible correction
Based on Elliot waves and price supports, we could set up a cycle of 5 sub-waves of price correction.
At the end of wave 5 (of the wave, red color), the price of Bitcoin could reach $ 8,500.
What you think? Bitcoin up or down?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
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