ElliotCM

BTC has bottomed, time for the sideways pattern, then upward!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BITFINEX:BTCUSD

Past Trend

Bitcoin had a massive downturn over the past 3 days, falling flat down to the support level initiated late last year and earlier this year in January. It seems the market has bottomed out as this is the third time BTC has reached this support level . If you are looking to go in on crypto investments or to trade i would suggest buying at this general point of time.

Price Targets

We're looking at a new Elliott Wave forming starting at the support level of 6,600, it has completed wave cycle 1 and we should expect for the market to move into wave 2 back down to the 6,600 range. the waves following number 2 are indicated on the chart, however keep in mind that this is speculation on possible price movements and should not be taken to exact specificity.

RSI

We are looking at RSI to fall once the second Elliott Wave is complete down to around the 22.61 support level . RSI is currently sitting at about 35, validating buys or long trades once the second wave down is completed.

Wedge

There is a current wedge formation starting from the fall of price from about 3 days ago. We can either expect the price to break the wedge upward (indicated by the purple arrow up), or we can expect the price to fall into Elliott Wave cycle 2 (which is the most likely scenario, (a small short could be profitable if your spread is agreeable)).

Momentum

The Trix indicator suggests that BTC has bottomed out and is going to start moving in a more upward trend; although it shows upward movement, you should be cautious on when it will occur. As wave analysis and the wedge indicates a more likely initial move downward toward the 6,600 support range.

Overview

All in all, we should expect the entire crypto market to move sideways over the next few days, if you are planning on doing investments into the market for the next few years, this would be the only if not last chance you have at this bottomed price level.

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ElNOIV
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