Hello all, Here is another analysis about bitcoin on daily based and potentially mid term bias will be covered with an elliot wave structure. Let's get it started.
If you've seen my previous analysis back at December 29, 2019. You will realize that actually this analysis is still in play with a lot of confluence reasons to support that bias. Actually, I've already anticipated this spike to the upside although the price is a bit over extended. At the previous chart, I gave the target of only $9000 region which is the golden pocket zone and still inside the channel.
And after the flashback of my previous analysis, I want to acknowledge you and do a refreshment based on my previous EW count with current condition. Based on my newest EW count, we can see that although the price has already broken out of the down trend channel, there is still a significant resistance ahead which is the confluence zone between .786 fib retracement and the grey region as the previous broken support that is now become resistance. And with this consideration, I will assume that my previous count is still valid whatsoever, as long as the price doesn't break the top of the previous X, there is still a potential C wave to the downside to complete the Z.
For the Z, I'll give the target of $6000 region which is the golden pocket zone.
For short term view, I'll show you an update later.
If you've seen my previous analysis back at December 29, 2019. You will realize that actually this analysis is still in play with a lot of confluence reasons to support that bias. Actually, I've already anticipated this spike to the upside although the price is a bit over extended. At the previous chart, I gave the target of only $9000 region which is the golden pocket zone and still inside the channel.
And after the flashback of my previous analysis, I want to acknowledge you and do a refreshment based on my previous EW count with current condition. Based on my newest EW count, we can see that although the price has already broken out of the down trend channel, there is still a significant resistance ahead which is the confluence zone between .786 fib retracement and the grey region as the previous broken support that is now become resistance. And with this consideration, I will assume that my previous count is still valid whatsoever, as long as the price doesn't break the top of the previous X, there is still a potential C wave to the downside to complete the Z.
For the Z, I'll give the target of $6000 region which is the golden pocket zone.
For short term view, I'll show you an update later.
