On this graph, we use Elliott Impulse wave (12345) with trendline, Rectangle, Ellipse tools and MacD below.
The graph shows really impressive, some of the TA's said that this will fall under "bearish double bottom" (bottom 1 and 2 positions on B and C waiting for breakout on C) or "inverse head and shoulders" pattern in the long run.
The bottom of A shows $2805 last 2017 and the bottom of B is $3242, While on C they're looking for $5,5k for the bottom and if continues it will fall under $4k correction. But we expect these rumours about the possible scenarios. On rectangular tools C Wave 4 we expect that this is the lower position. Since the early price decision is still undergoing and lots of traders are not expecting the same last year they called Bearish December. If that would happen you have to prepare your huge buy order why? On wave 5 the expectations for mass countries blockchain adoption is in 2020. Lots of countries are now doing blockchain adoption most especially in China, Australia, Asia, etc.
Year 2020 is also known as Bitcoin halving Year, expected to have a huge impact on bitcoin price, This would be on May Next year. Possible mining hash rate would be change and the coin reward for mining new bitcoin blocks will drop from 12.5 to 6.25.
You can check it here
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. The trader must be able to manage risk.
#Trend Analysis
#Chart Patterns
#Wave Analysis
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