Overall, our view is that Bitcoin is likely to continue its uptrend and complete a standard upside ABC correction.
In our chart we have different colored lines to clearly delineate timescales of interest. An analysis of Bitcoin's medium-term movement is shown in blue; that of its long-term in black. We see that Bitcoin was rejected (shown with the dotted vertical blue line) off of a standard consolidation move in the medium term, and has yet to complete an ABC wave in the long term.
Most experienced traders know that the first correction is rarely the last. We therefore elect to go against the tide of bearish sentiment, largely ignore the indicators, and confidently project a move to the second Fibonacci extension at approximately 6000 dollars, which should herald the end of our mini bull market and a return to the bearish norm, although a complete reversal is unlikely to occur with haste.
In our chart we have different colored lines to clearly delineate timescales of interest. An analysis of Bitcoin's medium-term movement is shown in blue; that of its long-term in black. We see that Bitcoin was rejected (shown with the dotted vertical blue line) off of a standard consolidation move in the medium term, and has yet to complete an ABC wave in the long term.
Most experienced traders know that the first correction is rarely the last. We therefore elect to go against the tide of bearish sentiment, largely ignore the indicators, and confidently project a move to the second Fibonacci extension at approximately 6000 dollars, which should herald the end of our mini bull market and a return to the bearish norm, although a complete reversal is unlikely to occur with haste.
Comment:
Overall, our projection was successful, although as a result of the Tether investigation news the price dipped to 5100 after touching 5600. So Bitcoin was unable to immediately extend to the 5.8k zone, but as predicted, we are there now.