Bitcoin dropped to $7000 as the bearish momentum continues. The following 3-5 April Bitcoin price prediction looks at BTCUSD Elliott wave analysis for the coming days.
02 April, AtoZForex – Bitcoin continues to drop downside. Just at the beginning of this week, it has dropped below $6500 – losing about $1500 in just a week. However, there has been a little rally today as price advanced back to $7000 from $6500. Price is likely to rally a bit more but the signs still point downside. Ethereum dropped close to $350, Ripple close to $0.45 and Litecoin around $110.
In the last updates on each of these coins, I had predicted Ethereum, Ripple and Litecoin would drop further but BTC could rally a bit if price responded to the corrective pattern discussed. Since the beginning of this year, the dependence on BTC has increased significantly, so it was no surprise BTC didn’t rally as expected but led the fall further. Price later invalidated the bullish expectation. The chart below was used in the last update.
The chart above shows price dropping slowly below the corrective channel. The dip we expected is running to completion. We need price to show signs of commitment toward the expected upward direction. A break above $8200 would do for a confirmation as we yet might get another bottom right. If price doesn’t commit upside but broke downside instead, a dip below $6000 is very likely to happen.
Price didn’t show any bullish commitment, remained below $8200 and broke below $7323 support. The corrective pattern expected to complete is now morphed into a bearish impulsive drive instead. The chart below shows a bearish impulse wave pattern evolving from March 21 top ($9190).
3-5 April Bitcoin price prediction: what next?
An impulsive wave drive to $6000 is now very likely as the bearish move continues. At the end of this pattern. we’d look at the extent of this bearish move from a larger degree and try to get future price clues from a technical point of view – an Elliott wave point of view. Stay tuned for the next update.
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