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.