The price of Bitcoin has stuck below the psychological level of 10 000 USD. Just above that level is another potential resistance located at the previous top of 10 404 USD. From the technical point of view, we may spot a huge harmonic pattern or an Elliott wave structure with currently creating wave three. If the mentioned resistance levels are broken we may expect a rally to 13 809 USD or even to ATH.
In the second scenario mentioned levels holds and the price could retreat to the support area at 6 558 USD. Then the potential inverted head and shoulders pattern may create. This could be also a potential wave i and wave ii of a more complicated Elliott wave structure.
However, the first and second scenario may be considered as bullish. Only a drop below 4 000 USD may change that view.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In the second scenario mentioned levels holds and the price could retreat to the support area at 6 558 USD. Then the potential inverted head and shoulders pattern may create. This could be also a potential wave i and wave ii of a more complicated Elliott wave structure.
However, the first and second scenario may be considered as bullish. Only a drop below 4 000 USD may change that view.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
