Hello fellas, Welcome back to the bitcoin technical analysis with us one point trading. in this current analysis, I will cover up the potential bullish pressure for short term on bitcoin which is so far very possible to occur. So, let's enjoy this technical analysis.
Based on the above chart, we can see that there is a rising wedge which has been formed and current price has already broken down because of this rising wedge pattern. Based on the elliot wave theory, the Bearish rising wedge always called as the leading first wave diagonal as the first impulse wave. That's why I will assume the period between November 25th - November 29th as the first impulse to the upside and currently the price is moving at the 2nd corrective wave.
And looking at the 2nd corrective wave, Just to be honest that it is hard to count properly to find the potential ABC structure here. But, I will assume the the C wave only has 3 sub wave and considering the price is still trending at the previous broken resistance that is now become resistance and the MACD on 4 hours chart is looking bullish, I will assume that current price has already close to the floor of wave 2.
If my assumption is right, I will have 2 decent targets for the short term. The first target will be on $8000 region as the Point of Control and the 2nd target is at the golden pocket zone around $9000 region.
My analysis will be invalidated if the price breaks down the $6600 region as the last defending support.
Based on the above chart, we can see that there is a rising wedge which has been formed and current price has already broken down because of this rising wedge pattern. Based on the elliot wave theory, the Bearish rising wedge always called as the leading first wave diagonal as the first impulse wave. That's why I will assume the period between November 25th - November 29th as the first impulse to the upside and currently the price is moving at the 2nd corrective wave.
And looking at the 2nd corrective wave, Just to be honest that it is hard to count properly to find the potential ABC structure here. But, I will assume the the C wave only has 3 sub wave and considering the price is still trending at the previous broken resistance that is now become resistance and the MACD on 4 hours chart is looking bullish, I will assume that current price has already close to the floor of wave 2.
If my assumption is right, I will have 2 decent targets for the short term. The first target will be on $8000 region as the Point of Control and the 2nd target is at the golden pocket zone around $9000 region.
My analysis will be invalidated if the price breaks down the $6600 region as the last defending support.
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