I used Elliott Impulsive Waves, Fib retracement, extension and upper and lower resistance trend line to identify the bottom of BTC bear market.
The bear is losing control and BTC is heading to the third wave bull run in the intermediate wave size.
The correction phase is identified by the three resistance levels (red circles). BTC is now retracing toward to the 0.786 Fib Level after hitting the all-time high at nearly $20000. The Fourth Elliott Wave fits perfectly at 0.786 LEVEL which now acts as a strong support level to end the correction phase of the bear market. This is because, after the fourth retracement wave, BTC had a really strong bounce back and soared straight to the all-time high level. This is a solid psychological component in leverage markets. The intercept of the bottom support line and the downward trendline is at $5700. For the combination of technical evidence and market psychological support, I personally think BTC is about to enter its third intermediate wave. BTC would possibly hit $23000 at the end of its 3rd wave bull run.
When to enter a short position? when BTC breaks its $6000 low. This is a pretty solid piece of evidence for the 0.786 Fib level.
Assumption:
BTC is a highly speculative market, I assumed the technical analysis has already covered all the market information such as regulations, social media impacts on the markets). BTC still can head even below 0.786 Fib Level if the coin is hit by social media on regulations, hack scandals and so on.
I hope this technical analysis is a nice piece of work that will help the community to gain some decent profits in BTC's 3rd wave bull-run. As always, I am not a professional trader or financial advisor, this should not be used as a guidance but rather a share of knowledge to the community.
The bear is losing control and BTC is heading to the third wave bull run in the intermediate wave size.
The correction phase is identified by the three resistance levels (red circles). BTC is now retracing toward to the 0.786 Fib Level after hitting the all-time high at nearly $20000. The Fourth Elliott Wave fits perfectly at 0.786 LEVEL which now acts as a strong support level to end the correction phase of the bear market. This is because, after the fourth retracement wave, BTC had a really strong bounce back and soared straight to the all-time high level. This is a solid psychological component in leverage markets. The intercept of the bottom support line and the downward trendline is at $5700. For the combination of technical evidence and market psychological support, I personally think BTC is about to enter its third intermediate wave. BTC would possibly hit $23000 at the end of its 3rd wave bull run.
When to enter a short position? when BTC breaks its $6000 low. This is a pretty solid piece of evidence for the 0.786 Fib level.
Assumption:
BTC is a highly speculative market, I assumed the technical analysis has already covered all the market information such as regulations, social media impacts on the markets). BTC still can head even below 0.786 Fib Level if the coin is hit by social media on regulations, hack scandals and so on.
I hope this technical analysis is a nice piece of work that will help the community to gain some decent profits in BTC's 3rd wave bull-run. As always, I am not a professional trader or financial advisor, this should not be used as a guidance but rather a share of knowledge to the community.