Bitcoin (BTC / USD) Target Down $8500 or Up to $ 16000 - Elliot Analysis


The price of bitcoin has started to go down, has it broken the resistance of $ 11000 and will we see possible downward price targets or will it be the floor and the price will go up?

Let's see

Captura de pantalla 2020-09-07 a las 11.20.30 a.m..png

Update to this analysis I did several days ago, based on Elliot Waves.

What has happened in these months

I have moved the bullish channel to indicate possible price targets to go higher.

As we will see in the graph, the price of Bitcoin has been maintained for months by a bullish channel. It is natural that when this happens, the price is lateralized for a time or some correction occurs. As it has done in the last months

The price in the last days started going down, breaking supports

Elliot 5 Wave Cycle

A 5 Elliot wave cycle was used for bullish analysis. And we would be in a corrective wave 4 or we could be about to start a wave 5 in formation

Captura de pantalla 2020-09-07 a las 3.37.48 p.m..png

Bullish analysis

As we see in the graph, the first 4 waves of the main impulse would already be formed.
And we would be on the 5 waves of elliot

At the end of wave 5 (of the secondary wave, blue color), the price of Bitcoin could reach approximately $ 14,000.

We should see in the next few days a price rise towards $ 12,500 dollars in its upward movement, to begin to form the 5 wave

The trend that remains bullish in the short term.

Correcting the price below $ 7,500 would invalidate all bullish counts in the medium term.

Downward analysis

Captura de pantalla 2020-09-07 a las 3.55.56 p.m..png

We saw price movements in previous weeks was quite bullish and at some point the price should correct.

This last week that correction has begun in Bitcon

We could be that wave 4 is complete or continues the price correcting.

For now there are no indicators in the price that tells us how far it could go in a possible correction

Based on Elliot waves and price supports, we could set up a cycle of 5 sub-waves of price correction.

At the end of wave 5 (of the wave, red color), the price of Bitcoin could reach $ 8,500.

What you think? Bitcoin up or down?

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Protect your assets use Stop loss

The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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