17-19 March Bitcoin price prediction – BTCUSD technical outlook

Bitcoin continues downside, now heading below $8000. Will price drop below $6000 February low? The following looks at 17-19 March Bitcoin price prediction based on Elliott wave theory.

17 March, AtoZForex  – Just like we monitored the Bitcoin boom, we are also monitoring the crash or should I call it a correction? This correction is probably the deepest so far and it has taken more time than the past ones. With Elliott wave theory, we monitored Bitcoin advancing from $5500 to $20000 in the second half of year 2017. We were also one of the technicians who called for price correcting after peaking close to $20000. Just that price has gone deeper than our initial expectation. The initial expectation was that price was correcting to $8000-9000 to complete the 4th wave but it has even touched a bit below $6000.

We have also been able to see how effective the Elliott wave theory is, in measuring the extent a trend or correction could go by analyzing the internal waves. There was a time this month, when many believed price would rally back above $11800 top and head toward $15000. We also expected this possibility but the internal wave structure suggested otherwise and we issued a warning in this update.

The last update showed the continuation of the bearish move back to the $7000 zone. The following chart was used in the last update.

14 March bitcoin price prediction BTCUSD Elliott wave analysis, M30 (click to zoom)

With the breakout below $8789, there is a very strong likelihood of price dropping further to $7000 or its neighborhood. If this move happens, there will be an update to look at the long term wave 2 from a bigger wave degree. Anything can happen in the market but you have to watch out for BTC at $7000 this week or next.

So, we are still counting what could be wave ii (circled) of the long-term wave 5. The February dip to $6000 was expected to be the end of the long-term 4th wave and a strong rally would be expected at the end. The chart below shows this dip is going on just like that.

17-19 March Bitcoin price prediction: what next?

17-19 March Bitcoin price prediction BTCUSD Elliott wave analysis, M30 (click to zoom)

Price has completed the 4th sub-wave of the last leg (wave c) of ii (circled). The last leg is on the way and could extend to $7000-$7500 before we see the next bullish move. Only a strong dip below $6000 would invalidate this expectation. So, watch out for another round of bullish opportunity around $7000-$7500. Stay tuned for the next update.

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