An Elliott Wave analysis on the current price action suggests that Bitcoin's current correction may be over.
I have drawn a channel that the price is likely to follow with my estimate target of 15-17k. Should the support fail, we will most likely be filling a futures gap at $8,500. In the event that we do drop to $8,500, I would expect to see a quick move back up for the bullish continuation. Laying at those low levels increases the risk that we shall see 6k levels next.
-Hawk
I have drawn a channel that the price is likely to follow with my estimate target of 15-17k. Should the support fail, we will most likely be filling a futures gap at $8,500. In the event that we do drop to $8,500, I would expect to see a quick move back up for the bullish continuation. Laying at those low levels increases the risk that we shall see 6k levels next.
-Hawk