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.
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?
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.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.