Bitcoin Update: Resistance at $29,000 and a Potential Correction to $24,500
As of April 5th, 2023, Bitcoin is trading at around $28,000 USD, and the price has been trying to break out of the $29,000 area for the past two weeks. However, there seems to be a lot of resistance there, pushing the price down to the support levels at $28,000 and $27,600.
On the other hand, an Elliot Wave structure has formed, with five waves up, and the current trading is at the fifth wave. These wave counts started from the formed bottom a few months back. Additionally, at the bottom area of $15,000, a falling wedge structure has been spotted. According to the Fibonacci retracement tool, this falling wedge targets 1.618 fib levels, which is the golden ratio between $29,000 and $30,800 areas.
There are two possibilities at this point. The first is that Bitcoin will break out of the $29,200 areas and push the price up to $30,800 and possibly even higher. The second possibility is that a correction will start from the current levels towards the $25K-$24.5K areas. Once we reach there, an update will be provided.
With 12 years of experience in trading and stock markets, the feeling is that Bitcoin has not yet finished the correction from the top that was made at the $69,000 areas. Therefore, it is important to keep an eye on the price action and be prepared for any potential volatility. Good luck.
As of April 5th, 2023, Bitcoin is trading at around $28,000 USD, and the price has been trying to break out of the $29,000 area for the past two weeks. However, there seems to be a lot of resistance there, pushing the price down to the support levels at $28,000 and $27,600.
On the other hand, an Elliot Wave structure has formed, with five waves up, and the current trading is at the fifth wave. These wave counts started from the formed bottom a few months back. Additionally, at the bottom area of $15,000, a falling wedge structure has been spotted. According to the Fibonacci retracement tool, this falling wedge targets 1.618 fib levels, which is the golden ratio between $29,000 and $30,800 areas.
There are two possibilities at this point. The first is that Bitcoin will break out of the $29,200 areas and push the price up to $30,800 and possibly even higher. The second possibility is that a correction will start from the current levels towards the $25K-$24.5K areas. Once we reach there, an update will be provided.
With 12 years of experience in trading and stock markets, the feeling is that Bitcoin has not yet finished the correction from the top that was made at the $69,000 areas. Therefore, it is important to keep an eye on the price action and be prepared for any potential volatility. Good luck.
