Do we temporarily not see BTC around 10,000 USD based on Elliot?
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After rising around the bottom at 6,400 USD in Dec, 2019 and passing the resistance areas at 7,800 USD, 8,200 USD, $ 9,200 USD, and $ 9,500 USD and reached to around 10,500 USD BTC looks like entering the correction phase rather than a short correction time like we saw recently when BTC increased because the volume recovered weakly and the price broke the support threshold above the weekly frame and has not yet recovered in the MA50 area on the daily frame.
In case the three-wave correction pattern ends, we can see a rebound of BTC from around the end of March or early April with the lowest price in the correction not lower than 6,400 USD. If the price is adjusted lower than 6,400 USD, it is likely that BTC will need more time to create new bottoms and to recover.
This pattern based on Elliot theory is invalid / needs to be reconsidered when BTC holds in the zone 10,000 - 10,100 USD in a rally of next days or BTC falls lower than 6,400 USD in the correction phase.
I appreciate if you drop a like to support the idea. Anw, thank you for your time to see it ^^.
P/s: Non advice investment here.
Telegram: Lucytran
In case the three-wave correction pattern ends, we can see a rebound of BTC from around the end of March or early April with the lowest price in the correction not lower than 6,400 USD. If the price is adjusted lower than 6,400 USD, it is likely that BTC will need more time to create new bottoms and to recover.
This pattern based on Elliot theory is invalid / needs to be reconsidered when BTC holds in the zone 10,000 - 10,100 USD in a rally of next days or BTC falls lower than 6,400 USD in the correction phase.
I appreciate if you drop a like to support the idea. Anw, thank you for your time to see it ^^.
P/s: Non advice investment here.
Telegram: Lucytran
Note
BTC reached the lowest price on March 13th, 2020 at around 3,850 USD
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