It seems that the price of Bitcoin is trying to break the upward limit in the downward channel. It is also a crucial potential resistance to the harmonic pattern we’ve described earlier. If the line is broken we could expect another rally to the possible next resistance at the previous top near 10404 USD. The other resistance can be located at 13800 USD.
From the Elliott point of view, if the mentioned resistance is broken the third wave may develop, and then the whole Gartley pattern will be only a second wave.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
From the Elliott point of view, if the mentioned resistance is broken the third wave may develop, and then the whole Gartley pattern will be only a second wave.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
