Bitcoin price analysis and price prediction.


Introduction

The assimilation period observed in my previous analysis (which can be seen by clicking here) is about to come to an end and we are nearing the decisive period that will lead us to a very strong price appreciation or devaluation wave. Stay with the analysis and see which possibility is the most likely to happen.

Graphical Analysis

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Currently what appears to be happening with bitcoin is the formation of a symmetrical triangle, which by elliot wave theory indicates that after the breakdown of the triangle generally asset price returns the main upward trend. The volatility of what I believe to be happening on this wave 4 is quite complicated to measure, as wave 4 begins to develop in a way and changes its structure to something different from the one previously observed. Despite all this, it is still possible to elaborate possibilities for the development of this wave, below are two of these possibilities.

 

[downtrend]

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What can happen is the price hitting the top of the triangle again and breaking the support of the triangle again and falling to between $ 9,500 and $ 8,200, this features a complex fix called WXYXZ that can be read by the traders of figures like a flag. high, also featuring a subsequent boost by raising the bitcoin value.

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Another thing that may confirm that the market is seeking $ 8,200 is the possible close of the month on an inverted hammer, indicating that next month's trend is going down and the MACD indicator pointing to a fall in buyer power

 

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If what is about to happen is even a symmetrical triangle, the price is likely to start a new push that seeks support at around $ 14,000. For this second possibility it is important that the price continues to hit the support and resistance of the triangle for a few more days, it is also interesting to note other indicators, the MACD on the daily chart shows us a drop in selling force and a time when moving averages are close. to cross. This may only indicate a continuity in lateralization that, by my analysis,if this is confirmed will continue to occur until the first week of September.

 

 

Thank you for reading :D

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zulonga
zulonga

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cryptocurrencies, introduction and analysis
cryptocurrencies, introduction and analysis

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