Base Story In the golden days of Bitcoin so far, the king of all digital currencies could achieve to grow from $5400 on November 06,2017 to its all time high $19891 on December 17,2017. As we all remember the time was fully powered by by not only technical analytics but also FOMO based fundamental analysis results. From a technical analysis perspective it is obvious that Bitcoin not only will show a dramatic bull run but we think it will be the leading trading median for the near future in which the world will be based. This "Near Future" duration can't be predicted perfectly but it can be said it is in less than 5 to 10 years that Bitcoin will be a median for the world economy.
Current Situation To make this post short lets just jump to see what the current situation of Bitcoin's market trend is and lets see what scenario's can be expected next. In the weekly chart on Bitfinex, we can see that Bitcoin already broke the created falling wedge on the beginning of February 2019. After that a little side ways consolidation move takes place and here we are at the verge of a bull run after all. But the main question is will this bull run is going to be achieved in less than 2 month period of time to its ATH like its golden times or are we going to see yet another corrective move. We believe there will be a correction of 3 wave pull back and there we go, we hope we gone have the long waited BTC strong bull run heading to the points where big names like McAfee predicited.[Even though it seems a little bit exaggerated seeing it reach 1mn in 2020]. An Elliott wave creation is already on the way and breaks the first resistance line around $7038 by the last 2 days and it seems it is going to start its 2nd wave pulling back to the area between $5900 and $6500 depending the strength of the bulls and main stream media outlets. By this we are expecting Bitcoin to correct and once again to try the next resistance level at around $9480 in the mid term. Indicators RSI : Over bought at around 76 for now. Both EMA(50) and EMA(89) are both below the price which can be considered a good indication to confirm that we are in a bull run. Volume is amazingly increasing specially by this week and if it continues like this it might also be a good reason to repeat the last quarter of 2017's history. [Maybe this will be the main and only reason to repeat that enormous bull run defecting trading cycle concepts.]
Our Recommendation -So our conclusion on the trading of Bitcoin is more of pro Bull run and we forecast a creation of an Elliott wave in the mid term. If you are in a position that you are not having Bitcoins try to convert your alts to Bitcoin when it started its correction. -If you are holding Bitcoins for now keep your stop loss on the area of $6950 and re-enter the market on the reversal bull run after the 2nd wave creation. And our conclusion at all is Bitcoin is on a trend that is going to show us some drama and its the time to trade it so smartly[Since there is no guarantee in trading world] hoping all the best for the digital currency era.
The rules of Elliot wave say that Wave 3 cannot be the shortest wave of a 5 wave move.
cryptotalk_et
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@Kwa, Agreed. But the post is particularly about the current waves[which are 1 and 2] and there possible outcomes. Thank you for your idea though. Keep growing with our community. With Regards. TeamTWA.
BitcoinBearSlayer
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@TogetherWeAccumulate, According to Elliot Wave Theory those waves, as you have drawn them, are not possible. I'm not going to argue the point, I'm just going to avoid your TA going forward.
IgorPorokh
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@TogetherWeAccumulate Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end