BTC analysis - 08/19/2019
BTC analysis - 08/19/2019

The market is experiencing a period of assimilation and taking a breath to continue the main uptrend or preparing for a trend reversal and plummeting (which is less likely). At this point the indications show us an accumulation, which may mean that big investors keep buying bitcoin because they are betting on the continuation of the uptrend.

Let's elaborate two hypotheses on the graph.

Let us begin with what I imagine is the most likely to happen.


Based on Elliot's wave system, what could be happening is the development of a Y wave in ABC. This ABC can be of the zigzag model causing the price to go back to around $ 8,500 at the end of the process making it touch the bottom of the channel or a flat correction where the C wave would end between $ 9,200 and $ 9,600 then hitting the midline of the channel. channel before an initial pulse or diagonal emerges that would return bitcoin to the main uptrend.


A less likely situation is that we are now getting into what would be a push leading us to wave 3 already taking us higher than previously seen, if this is confirmed in the coming weeks we can see the price testing the $ 14,000 resistance noted earlier. Other indicators, such as MACD and RSI, in the weekly time period we have the view that the price is heading towards a possible fall.


Finally, the formation of a shoulder-to-head figure shows us that the price may fall again, but it does not differ from the first hypothesis analyzed through Elliot's wave theory which also indicates a fall in price, but in no way can it mean a trend reversal as based on the current market assimilation (or indecision).


Thank you for read. :D


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cryptocurrencies, introduction and analysis
cryptocurrencies, introduction and analysis

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