Bitcoin is at a crucial position in terms of price direction. It is currently lying on the support of the (200), and a long-term upward (starting around early to mid-2017). The price recently suffered the effects of a pattern, causing 6 daily to form before finally, a close occurred. This formed a , signaling a possible reversal in the trend in the positive direction.
This reversal is also backed by the , 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 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 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 at $30,000
Important Resistance Levels: $30,000, 20,000, 12,770
Important Support Levels: 7,500, 4,790
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Senior Research Analyst
Cryptocurrency Capital LLC