A wedge breakout, a descending trend line, Elliot waves theory, It all lines up. Bitcoin is going to 10k. Bitcoin has formed a descending trend line and has been kissing it about once a month. With it being 15 days since Bitcoin has toughed the trend line it is likely for Bitcoin to pump back up to 10k to touch the trend line. In January we saw bitcoin go through an inverse head and shoulders pattern. Many bulls thought that this would end the correction and cause bitcoin to break this trend line. Unfortunately Bitcoin bounced off of the trend line. During March Bitcoin formed a descending wedge. Two days ago bitcoin broke above the wedge and is now rallying toward the top of the trend line. Another indicator that Bitcoin is headed upward is the Elliot Waves Theory. Elliot waves theory has been accurately followed since January. We just got out of the reversal waves and are waiting for our four bullish waves.
On top of the technical analysis, there is also a catalyst that is driving bitcoin higher. At the G20 summit meting a few days ago they ruled that there would be no regulatory action toward crypto currencies. The fear of regulation was a main cause of FUD in the market. Now since there is a smaller chance regulation will come in, bitcoin will feel like a safer investment.
The trend line, the wedge breakout, Elliot waves theory, and the G20 summit meeting are all reasons bitcoin has upside potential.
Thanks for listening,
CryptoColm
On top of the technical analysis, there is also a catalyst that is driving bitcoin higher. At the G20 summit meting a few days ago they ruled that there would be no regulatory action toward crypto currencies. The fear of regulation was a main cause of FUD in the market. Now since there is a smaller chance regulation will come in, bitcoin will feel like a safer investment.
The trend line, the wedge breakout, Elliot waves theory, and the G20 summit meeting are all reasons bitcoin has upside potential.
Thanks for listening,
CryptoColm