Hi Traders!
Welcome to 2020 - the year of halving. So the first analysis this year cannot be about anything but Bitcoin. After long weeks and months, it finally went upward. But where is the sensible target and what to watch? The first key event was that we were able to break through the strong resistance and channel. In addition, we broke the neckline in the Head and Shoulders pattern. We can now see more patterns on the chart:
1. Head and Shoulder
2. Elliot waves
Although these are two completely different strategies, they have one interesting thing - a common goal. Both Head and Shoulder and Elliot waves have a target in the range of 8 679 - 8 951 USD.
Why this target?
1. Target for Head and Shoulder
2. 1.618 fibo extension of the first and second wave
3. Resistance
4. Psychological boundary - 9 000 USD
However, growth could actually slow down and move to ABC correction or triangular formation. However, this does not change our final target.
May the crypto be with you!
Welcome to 2020 - the year of halving. So the first analysis this year cannot be about anything but Bitcoin. After long weeks and months, it finally went upward. But where is the sensible target and what to watch? The first key event was that we were able to break through the strong resistance and channel. In addition, we broke the neckline in the Head and Shoulders pattern. We can now see more patterns on the chart:
1. Head and Shoulder
2. Elliot waves
Although these are two completely different strategies, they have one interesting thing - a common goal. Both Head and Shoulder and Elliot waves have a target in the range of 8 679 - 8 951 USD.
Why this target?
1. Target for Head and Shoulder
2. 1.618 fibo extension of the first and second wave
3. Resistance
4. Psychological boundary - 9 000 USD
However, growth could actually slow down and move to ABC correction or triangular formation. However, this does not change our final target.
May the crypto be with you!