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Can Bitcoin Sell-off to $6500 Area Despite the Optimism?
In this analysis, I'm taking a look at Bitcoin from another Elliot Wave perspective. As an Elliot Wave trader, having an alternative view is really important in order to be actively ready for any scenario in the market.
In the chart above, the recent rally can be labeled as a (w)-(x)-(y), which is a corrective pattern against the decline in wave "a" in red. This correction has retraced 78.6% of the decline and also retesting a major weekly resistance level.
If this count is correct, despite the optimism on Bitcoin, we could see another leg down in wave "c" of (z) of B to around $6500 area.
I'm more BULLISH than BEARISH on Bitcoin considering the structure of the rally on Litecoin and Ethereum are clear impulsive move.
However, since anything can happen at any time in the market, this alternative count should be kept in mind.
Here is my Bullish analysis on Bitcoin.
Do you like this analysis?
In the chart above, the recent rally can be labeled as a (w)-(x)-(y), which is a corrective pattern against the decline in wave "a" in red. This correction has retraced 78.6% of the decline and also retesting a major weekly resistance level.
If this count is correct, despite the optimism on Bitcoin, we could see another leg down in wave "c" of (z) of B to around $6500 area.
I'm more BULLISH than BEARISH on Bitcoin considering the structure of the rally on Litecoin and Ethereum are clear impulsive move.
However, since anything can happen at any time in the market, this alternative count should be kept in mind.
Here is my Bullish analysis on Bitcoin.
Do you like this analysis?
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