Bitcoin: The road to 10k has two paths
Following on from the previous Bitcoin idea. The 5th wave took longer to rise than initially thought; but thats just fine. As I see it now, we are faced with two outcomes of which one will begin play out after further sideways consolidation. The price currently resides in a rising wedge formation, where the top logarithmic resistance level has been tested but not breached in a clean manner.
Scenario 1: Consolidating below the log resistance allows an explosive push to breach 261.8 fib at 8189 USD. From that point onward, price moves to 361.8 fib above the 10k level and I take profit on my longs before this point in anticipation of an ABC 0.00% correction.
ABC 0.00% correction, as a result of the Elliot Wave completing the 1, 2, 3, 4, 5 pattern, should send us as low as 5k. Absolute worst case scenario would see us reach the next major support level of 2983 USD.
Scenario 2: Rising wedge breaking downward will bring us toward the previous BTC high of $4970 USD, which will now act as major support. A reversal pattern such as IH&S appears and we retrace back up to make new highs and hit our long term 10k target around New Years. ABC correction will still ensue after this point.
If this outcome plays out, we may not even break the logarithmic resistance level which allows us to continue using it in the future.
Trade accordingly.
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Scenario 1: Consolidating below the log resistance allows an explosive push to breach 261.8 fib at 8189 USD. From that point onward, price moves to 361.8 fib above the 10k level and I take profit on my longs before this point in anticipation of an ABC 0.00% correction.
ABC 0.00% correction, as a result of the Elliot Wave completing the 1, 2, 3, 4, 5 pattern, should send us as low as 5k. Absolute worst case scenario would see us reach the next major support level of 2983 USD.
Scenario 2: Rising wedge breaking downward will bring us toward the previous BTC high of $4970 USD, which will now act as major support. A reversal pattern such as IH&S appears and we retrace back up to make new highs and hit our long term 10k target around New Years. ABC correction will still ensue after this point.
If this outcome plays out, we may not even break the logarithmic resistance level which allows us to continue using it in the future.
Trade accordingly.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
If you are looking to become an expert technical analyst, I am now offering 1 on 1 coaching and mentoring programs that will give you the tools and know-how you need to master the cryptocurrency markets. Message me on our social platforms to find out how to sign up.
Follow us on Twitter and Facebook -0.48% for intra-day trading, more charts, and Cryptocurrency news!
twitter.com/InvestbyBit
www.facebook.com/investbybit/
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