Bitcoin - BTC Long Term Analysis | Investor perspective

This is a detailed Long-Term analysis on Bitcoin, considering different indicators.

Bitcoin had five waves upwards, where it hit all time high of nearly 20,000 $. Then, Since January we started a correction stage. Corrections are always necessary!

From a technical analysis point of view:

• Correction:BTC has corrected to around the Fibonacci golden ratio of 0.618 - 0.65. From Elliott Waves prospect, we can count various versions for the correction.(ABC or ABCDE or etc.). However, This area is where the major support line is also located, which we have bounced off it every time.
  
• On MACD: we can see a slight bullish divergence, which is a sign of an uptrend.
  
• On RSI: we can see that the previous support line has become the new resistance now. We are about to test this resistance to see if we are able to break through it. In that case, we can anticipate the start of wave 3.
  
  Third Waves Behaviour (based on Elliott Waves principals): Third waves are often the largest and never the smallest. One thing to notice, third waves are usually the biggest, but from time-scale perspective, they are not the longest. In other words, third waves are often the steepest! (reaching higher heights in a shorter time period)

Therefore as we discussed, it is sensible to target at least x1.618 and x2.618 levels of extension of wave 1 for the third wave.

6 - 18 months Targets:
First Target = 35,000 $
Second Target = 55,000 $

Let me know what's your thought in the comments section! What is your price prediction for BTC by 2019?

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author : R.N behind_crypto