Based on the chart, the impulse wave(12345) was completed. The price of bitcoin topped at $14,000.
After the massive surge, it completed the ABC correction wave. The price of bitcoin dropped from $ 14,000 to $7,400. This is good because it is a sign of a healthy upward trend.
Succeding the correction, a new impulse wave upward is forming.
Here, the 1st wave bounce was completed. It bounced from $7,400 to $9,650.
It was followed by a 2nd wave correction. The correction is from $9,650 to $8,400. It will probably be completed this week.
If the price of bitcoin holds perfectly at $8400-8500 range, the 3rd wave will be a massive pump from $8,400 to $16,700+.
Afterward, a wave 4 correction from the $16,700+ to S13,500-S14,000 level.
Lastly, the 5th wave is a pump to test the major resistance at $20,000+
Don't forget to set your stop loss at all times.
Follow me and Hit like if you learn something and for more updates!
Happy Trading! :)
Please do your own charting and research.
After the massive surge, it completed the ABC correction wave. The price of bitcoin dropped from $ 14,000 to $7,400. This is good because it is a sign of a healthy upward trend.
Succeding the correction, a new impulse wave upward is forming.
Here, the 1st wave bounce was completed. It bounced from $7,400 to $9,650.
It was followed by a 2nd wave correction. The correction is from $9,650 to $8,400. It will probably be completed this week.
If the price of bitcoin holds perfectly at $8400-8500 range, the 3rd wave will be a massive pump from $8,400 to $16,700+.
Afterward, a wave 4 correction from the $16,700+ to S13,500-S14,000 level.
Lastly, the 5th wave is a pump to test the major resistance at $20,000+
Don't forget to set your stop loss at all times.
Follow me and Hit like if you learn something and for more updates!
Happy Trading! :)
Please do your own charting and research.