HIGHLIGHTS
Bitcoin's (BTC) price completed the fifth impulsive waves (by the EW theory)
IN DETAILS…
In the last couple of days, there was a lot of FUD and all kinds of news. Fundamentally that was a time when the market gets rid of the weak hands, people that were late for the party.
From a technical point of view, a correction had to appear. Correction as this one takes place at least once a year as we can see from the past. Many people started to see $25 000 as the target for the drop, based on their weak emotional state and irrational thinking.
From what I can see the correction is already done, we made a double bottom formation and finished the 5 impulsive Elliot Waves. The recovery to $50 000 could take around 2 weeks. If the trend goes above $42 000 to $45 000 price level will confirm the idea.
CONCLUSION
Bitcoin's (BTC) price made a double bottom and will try to retest price level of $45 000.
BTCUSD
Bitcoin's (BTC) price completed the fifth impulsive waves (by the EW theory)
IN DETAILS…
In the last couple of days, there was a lot of FUD and all kinds of news. Fundamentally that was a time when the market gets rid of the weak hands, people that were late for the party.
From a technical point of view, a correction had to appear. Correction as this one takes place at least once a year as we can see from the past. Many people started to see $25 000 as the target for the drop, based on their weak emotional state and irrational thinking.
From what I can see the correction is already done, we made a double bottom formation and finished the 5 impulsive Elliot Waves. The recovery to $50 000 could take around 2 weeks. If the trend goes above $42 000 to $45 000 price level will confirm the idea.
CONCLUSION
Bitcoin's (BTC) price made a double bottom and will try to retest price level of $45 000.
BTCUSD
