Good Morning, Traders!
I'm going to be looking at BTC/USD once again today, but on the weekly chart, to determine a longer-term target than usual.
The Elliott wave pattern was clear and the price looks like its currently finishing its second correction wave that started around December. I gave the fourth wave a little more time to develop because the second wave in this cycle was a very sharp corrective wave. Meaning that the fourth would be flat.
The price is also following multiple upward trends that will help keep the price afloat if the price breaks this current trend and leads it into another bearish push.
The target price when looking at both the breakout of the trends and the Elliott waves cycle is just under $30,000. The best prices to buy are marked by grey boxes, the worst case scenario would be that the price stays bearish all the way to the price of $3,000. But in that case, that would also be the best price to buy that has been available since September!
Important Resistance Levels: $11,500, 20,000, 30,000
Important Support Levels: $7,500, 6,000
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
I'm going to be looking at BTC/USD once again today, but on the weekly chart, to determine a longer-term target than usual.
The Elliott wave pattern was clear and the price looks like its currently finishing its second correction wave that started around December. I gave the fourth wave a little more time to develop because the second wave in this cycle was a very sharp corrective wave. Meaning that the fourth would be flat.
The price is also following multiple upward trends that will help keep the price afloat if the price breaks this current trend and leads it into another bearish push.
The target price when looking at both the breakout of the trends and the Elliott waves cycle is just under $30,000. The best prices to buy are marked by grey boxes, the worst case scenario would be that the price stays bearish all the way to the price of $3,000. But in that case, that would also be the best price to buy that has been available since September!
Important Resistance Levels: $11,500, 20,000, 30,000
Important Support Levels: $7,500, 6,000
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst