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Sanmi Adeagbo

28 April 2018

Forex Cryptocurrency

28-30 April Bitcoin price prediction - BTCUSD technical forecast

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Bitcoin is trading below $9500 as this week ends. What should we expect next week? The following 28-30 April Bitcoin price prediction looks at BTCUSD forecast based on Elliott wave theory.

28 April, AtoZMarkets - At the beginning of this week, BTCUSD was trading below $9000 in a small price range. In the week, price broke upside and peaked at $9750 hitting the highest price since March. Price couldn't hit the $10000 mark before it dropped back to $8600 (close to the week's opening price). Yesterday, we saw a bullish push to $9300 but this couldn't be sustained by a good momentum as price dropped back below $9000. Currently, BTCUSD trades at $9100 as the week ends.

At the beginning of this week, we discussed about the possibility of a bearish corrective move. An impulse wave was at the verge of completion after price broke out of the triangle range at the beginning of the week. It was also projected that the correction could continue to $8000 or below. The chart below was used in the last update when the correction was confirmed.

BTCUSD Elliott wave analysis, M30 (click to zoom)

Price has been bearish so far today – losing 7% after dropping from $9750. Currently, BTCUSD trades just a little above $9000. There is a high likelihood that price would drop further. Bearish targets lie between $8500 and $7700. Unless price recovers quickly to break above $9750, a dip below $8000 is a big possibility.

The 3-wave correction continues through out this week. We might still have to look till the correction is over before the bullish move continues unless something shocking happens. The chart below shows what we have at the moment.

28-30 April Bitcoin price prediction : what next?

BTCUSD Elliott wave analysis, M30 (click to zoom)

The chart above shows the progression of a bearish correction. A zigzag pattern could complete as price is very much likely to continue downside by breaking below $8600 - wave (b) low. A dip to $8000 is still likely in the coming week. If price breaks above wave (a) high, it will have a higher chance of breaking above $9750 high and $10000 would be almost impossible to miss.

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.

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