Bitcoin : EW perspective, Symmetrical Triangle and 2 scenarios
Hello all, here I want to give you an update about bitcoin's move and analysis.
First, I want to cover the Elliot wave perspective that I combine with the fibonacci extention number. From this perspective, I find that there is a possibility for 1 more wave going up with the target of the 1.618 fibonacci extention from the measurement of the wave 1 and the wave 2 as the correction wave. Based on the current structure, there is a high possibility that currently the price is still trending in the wave 4 as the correction wave. It's very typical here to see the wave 4 moves in the symmetrical triangle as the ABCDE structure represent a flat correction. If this scenario is in play, we can see a huge moving up to complete the wave 5 at around $12000 region.
The 2nd scenario is if the EW perspective is invalidated which means the price breaks down of current triangle, we might see a push lower here. You know that if the price can't breaks out of the $10500 region, the hidden bearish divergence which I've anticipated previously will become valid. The bearish hidden divergence is the condition when there is a lower high in the price but higher high in the oscillator indicator such as RSI and MACD. With this possibility, the price could moves lower to the $5000 or possibility of creating new historical low.
For swing position, it's very wise to wait for another confirmation of breaking out of the triangle that is still in play.
First, I want to cover the Elliot wave perspective that I combine with the fibonacci extention number. From this perspective, I find that there is a possibility for 1 more wave going up with the target of the 1.618 fibonacci extention from the measurement of the wave 1 and the wave 2 as the correction wave. Based on the current structure, there is a high possibility that currently the price is still trending in the wave 4 as the correction wave. It's very typical here to see the wave 4 moves in the symmetrical triangle as the ABCDE structure represent a flat correction. If this scenario is in play, we can see a huge moving up to complete the wave 5 at around $12000 region.
The 2nd scenario is if the EW perspective is invalidated which means the price breaks down of current triangle, we might see a push lower here. You know that if the price can't breaks out of the $10500 region, the hidden bearish divergence which I've anticipated previously will become valid. The bearish hidden divergence is the condition when there is a lower high in the price but higher high in the oscillator indicator such as RSI and MACD. With this possibility, the price could moves lower to the $5000 or possibility of creating new historical low.
For swing position, it's very wise to wait for another confirmation of breaking out of the triangle that is still in play.
