COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Good Morning, Traders!

Bitcoin             is at a crucial position in terms of price direction. It is currently lying on the support of the EMA (200), and a long-term upward trendline (starting around early to mid-2017). The price recently suffered the effects of a double top pattern, causing 6 bearish daily candlesticks to form before finally, a bullish close occurred. This formed a bullish engulfing candlestick , signaling a possible reversal in the trend in the positive direction.

This reversal is also backed by the Elliott waves , the first wave has been completed and BTC             is now in the process of a second wave, which I believe is going to be the flat wave when compared to wave 4.

If the price breaks from this trend-line in the bearish direction, I don't expect the price to halt its decline anytime soon due to the length of the trend that is being broken and the lack of strong support levels to keep the price afloat.

On the other hand, if the price does break out of this consolidation in the bullish direction, I'm expecting the final target price for wave 3 to be around $30,000. This is due to the 161.8% fib retracement level as well as the psychological resistance level at $30,000

Important Resistance Levels: $30,000, 20,000, 12,770
Important Support Levels: 7,500, 4,790

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
-- 
Sincerely,

Cryptocurrency Capital LLC
t.me/cryptocurrency_capital
info@cryptocurrencyfund.us
http://www.cryptocurrencyfund.us
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