Bitcoin is making a short term bearish retracement after a rally above $9000 last week. The following 25-27 March Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
25 March, AtoZForex - Last week was bullish for Bitcoin just as expected. Price rallied to make nearly $2000 profit after completing what looked like the long term wave 2/4. The bullish move has not gathered enough momentum to ascertain the continuation of the bullish trend that took BTCUSD by storm before mid-December 2017.
According to Elliott wave theory, price advances or declines in 5-waves and corrects in 3-waves. It further defines these 5-waves and 3-waves with exact patterns guided by rules and guidelines. In the last update, we expected a rally to $9000 followed by another dip to $8000 before the bullish trend resumes. The chart below was used.
The channel bullish breakout is an early confirmation of the end of wave v of (c) of ii. If this move is genuine, we should see price rallying to $9000 followed by an intraday corrective dip to around $8000. There is also a possibility of a rally to $12000. It’s at this point BTC Hodlers should dream again. If price falls below the trendline and breaks below $7200 instead, then a further dip below $5000 is very much likely.
Price has moved just as expected. The rally continued last week slightly above $9000 and now dropping to $8000. What should we expect next if this finally happens?
25-27 March Bitcoin price prediction: what next?
The chart above shows what has happened since the last update. After price completed what could be the long term bearish correction above $7000, a 5-wave rally followed to show a real bullish push. A 3-wave correction is in motion already and could continue this week. This move is expected to complete around $8000. If price moves as expected, a strong rally could follow to $10000 and beyond. Conversely, if price dips below $7000, there is no stopping the bears. Price would have a higher chance to continue downside and drop far below $6000. Stay tuned for the next update.
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