End of Elliott wave soon??
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Looking at the yellow ABC correction wave arrows on my weekly chart, if you believe in Elliott waves theory and more importantly if you also believe bitcoin is overall in a uptrend, then it seems that the correction cycle might be ending soon. A weekly close of about $10,500 which is above the downtrend line may signal the start of the next bull cycle.
Looking at the Fibonacci levels, the support at $10,000 has been broken. Next support will be at $8500 which is also the breakout level from last week run up. So $8500 will be an important level from which a bounce up should occur if the price falls to that level.
I am quite a noob in technical analysis and this is my first published idea.
Any constructive comment will be welcomed.
Thanks.
Looking at the Fibonacci levels, the support at $10,000 has been broken. Next support will be at $8500 which is also the breakout level from last week run up. So $8500 will be an important level from which a bounce up should occur if the price falls to that level.
I am quite a noob in technical analysis and this is my first published idea.
Any constructive comment will be welcomed.
Thanks.
Nota
Although the price now is above the trend line, last week's candle didn't close positively with a green above the trendline. Will continue to monitor the next few weeks to confirm breakout from downtrend.Nota
Bitcoin still showing a slow decline these few days. May continue to drop to 8500 fib retracement level from the peak before real bounce up.
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