BTCUSD Depression is over! BTC start a new uptrend for 3 reasons

Hello Everyone!

It looks like bulls wake up from a long winter sleep and market prepares for hot summer growth.

There were 4 scenarios in our last global Bitcoin price movement analysis. The coin followed 4th scenario and it was a very depressed and long journey. The 4th scenario is fully finished now and the price bounced from the bottom, indicators and market supply & demand point on trend reverse. BTC moves positively and confidently, while alts market goes crazy.

What benefits can we get, while market transforms? Let's try to figure it out

Let's discuss the reason why the forecast is positive:
1. At 1-day chart were formed two series of momentum growth candles which clearly starts 5 Elliott impulsive growth waves. You can see them on 7th and 17 of February. We forecast the next 10 days will be a small retracement with a subsequent growth. It can be a signal for a short position for the next week and for the long position in the mid term. Probably whales started open long position when first wave happened. The market did not go below (0) after upward movement to (1) which confirms wide audience accepted bullish mood and that is why we received upward movement to point (3)

2. Another interesting and important moment alts goes crazy and we have profits like it was on crypto hype time. This confirms a strong interest to crypto

3. We received really good and strong fundamentals:
- Technology entrepreneur and Tesla CEO Elon Musk said that Bitcoin’s ( BTC ) structure is "quite brilliant" and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on February 19. The same mood is
- Twitter CEO Using Tippin has launched a new Chrome and Firefox extension that allows users to send and receive Bitcoin ( BTC ) micro payments on Twitter via the Lightning Network.
- JP Morgan launches its own cryptocurrency GPC with functions like XRP


Should we expect a new uptrend?
Bearish market ends soon and the most probable scenario is that we will have a long lateral movement. People should completely calm down about crypto and opportunistic players should left the market. Afterwards there obviously will be natural growth which will bring the interest back and there will be a much bigger hype than it was in 2017.

If we look at BTC , we can see it broke resistance zone formed by EMA50 and psychologically important level of $4 000. ADX lines move upward, and it gives a signal that bulls become stronger. Moreover DMI intersections together with Stoch RSI , MACD and trend analysis tell us that the downtrend is going to be reversed. A new strong uptrend will start after finishing of 5 Elliott growth waves and subsequent ABC correction. However there is still probability that retracement will start a panic sell and the price will drop below $3 500 level again which will delay the forecast for several months.


Conclusion
Bitcoin price movement becomes positive and alts market replicates its mood. Supply and demand analysis confirms that buyers become more active and it can lead to a new uptrend. It does not matter will BTC be able to start confident upward movement now. The most important is that crypto survived and will develop further


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Thank you for attention, have a good day and lucky trades

Sincerely,
SkyRock Signals team

Trade active:

Price touched the channel's bottom around (4) point as it was forecasted. We told you to open short position at $4 000 level in the analysis. Duration was approximately 10 days but consolidation happened much faster so you can close the position now

Profit: 8.1% * You leverage
Duration: 3 days

We used a standard 5x leverage and our profit is 40.5%


At this moment BTC is stable and it seems there won't be panic sell further. If a close price will be higher than open price tomorrow we will see the 5th impulse growth wave. The target for long position is $4 390


We wish you luck and a good day :)
SkyRock Signals team

Comment:

The candle closed green we should have 5th Elliott wave and the target is $4 390

Trade active:

Hope you enjoyed our accurate forecast and current BTC price. Please share this idea and press like if you followed it in February and now you have 2.5x times increased your deposit.