Bitcoin is starting this week on a bearish note. What are the support levels price could aim this week? The following 10-12 Bitcoin price prediction looks at BTCUSD based on Elliott wave theory.
The Crypto market is starting bearish this week. Prices of almost all are dropping fast. BTCUSD started dropping in the last hours of yesterday with a 1.7% drop. The bearish move continued today and has now dropped by nearly 5%. Will this move continue this week?. Will price break below $7000 low and eventually below $6000?
In the last update, the chart below was used.
A leading diagonal just completed at $7800 before price returns downside. The current bearish move could continue to $7300 but price should rally from there to $8500-$8800 to complete the last leg of the larger degree triangle pattern. This is very likely to happen unless a fast drop below $7000 is seen, to make price head toward the $5900 low and probably break below it eventually. To join the bullish move afresh, it's important to wait for price to lead the way and turn upside significantly.
In the last update, I expected price to drop to 7300 and then rally afterwards to 8500-8800. The larger forecast aimed at price rallying to complete a triangle pattern. The market has not stopped looking bearish. After the drop to 7300, price rallied but not as expected. The rally was limited below 7800 intraday resistance price - 7800, before the current fast drop came. What could happen next?
10-12 June Bitcoin price prediction: what next?
Price may not complete the last leg (wave e) of the triangle at an higher price. It's about to break below 7000. The chart below shows the new update.
wave (e) is very shallow (truncated) but the triangle is still valid. A break below the (b)-(d) support line could lead to price making a new low below $6000. By projection, price could drop to $1000 as explained in the 31 May update. Unless a fast and sudden rally is seeing, we could have this month all bearish for the Cryptos and Bitcoin below $4000 heading to $1000. How likely this would be, we'll explain in the next update. Stay tuned.
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