Hello fellas, welcome back with our technical analysis about bitcoin. This time, I want to focus on potential movement in the next 7 days of bitcoin. And because current structure is beautifully related with the past performance of bitcoin, I will try to make a projection with elliot wave count. Let's get it to the point.
Yesterday, I saw 2 important things that occur on bitcoin. First, the price breaks the resistance region around $7500 region and the median line of the huge down trend channel. And second most crucial thing is that the volume was increasing significantly when the price breaks out of this resistance. The fact that the price is now testing again the next resistance zone around $8050 region which represents the parabolic rally in short term, I see that these conditions usually occur on the 3rd wave which usually become the longest wave between the 3 impulse waves in EW. That's why, I give you my premature count that could possibly occur in the future and for this premature count, I will assume that current pattern is to complete the ABC structure in higher degree to give it a test toward the upper line of the channel and the area of $9000 region which in fact relate each other.
We might see a little retracement ahead for short term, before another push toward the $9000. The rally clearly haven't finished yet as we haven't found any sign of divergence in higher degree.
Yesterday, I saw 2 important things that occur on bitcoin. First, the price breaks the resistance region around $7500 region and the median line of the huge down trend channel. And second most crucial thing is that the volume was increasing significantly when the price breaks out of this resistance. The fact that the price is now testing again the next resistance zone around $8050 region which represents the parabolic rally in short term, I see that these conditions usually occur on the 3rd wave which usually become the longest wave between the 3 impulse waves in EW. That's why, I give you my premature count that could possibly occur in the future and for this premature count, I will assume that current pattern is to complete the ABC structure in higher degree to give it a test toward the upper line of the channel and the area of $9000 region which in fact relate each other.
We might see a little retracement ahead for short term, before another push toward the $9000. The rally clearly haven't finished yet as we haven't found any sign of divergence in higher degree.
