BitcoinLong
Bitcoin (BTC) Analysis LT and ST
Updated
Okay, here is my first Bitcoin analysis. Not that there aren't enough out there but I just had some time to practice my theoretical knowledge with some practical work.
The head and shoulders formation did not work out YET. We would see (hopefully not) a failed H&S formation, if we dip below the through of $6000.
It seems like we found a new bottom at around $7240 and are currently in an ascending triangle (the blue lines on my chart).
Since nothing in Cryptocurrency is impossible, I believe there is still a chance to break the newly formed support line and even see new lows. For now the market shows some strength which probably has fundemental reasons.
Based on my cyclic analysis I predict a new dip between April and May. But as stated, Crypto World is crazy.
Let's take a closer look in my next TA.
The head and shoulders formation did not work out YET. We would see (hopefully not) a failed H&S formation, if we dip below the through of $6000.
It seems like we found a new bottom at around $7240 and are currently in an ascending triangle (the blue lines on my chart).
Since nothing in Cryptocurrency is impossible, I believe there is still a chance to break the newly formed support line and even see new lows. For now the market shows some strength which probably has fundemental reasons.
Based on my cyclic analysis I predict a new dip between April and May. But as stated, Crypto World is crazy.
Let's take a closer look in my next TA.
Note
As we can see, the past 10 days were full of flags, more bearish, than bullish. After the new bottom at $7200 we can expect to see more bullishness in the upcoming days.
Using Elliott Wave Theory on the current chart, we detect barely any retracements if we assume that the first wave started at 7240.
Let's take a look:
Based on this Chart, the target for wave 3 would be at around $9700. The indicators are oversold and give pretty bearish signals. That's why I think that we will retrace a little bit before hitting that target.
Share your thoughts in the comments. I'd appreciate it.
M.S.
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