Bitcoin slipped below $7000 as the bearish move continues. What'e the next price level to watch out for? The following 5-7 April Bitcoin price prediction looks at BTCUSD using Elliott wave theory.
05 April, AtoZForex - Just days ago, from a technical point of view, it looked as if price would make another bullish bounce. We expected that if price could stay above $7000 and break above $8200, there was a chance that it would rally toward $10000 again. The optimism was laid to rest as price broke below $7000. The break below $7000 is an evidence, from a technical point of view, that price could dip further to $5500-$6000 in the coming days. Using Elliott wave theory, we started counting a new bearish impulse wave as price refused to break above $8200 to confirm the bullish scenario.
In the last update, the chart below was used to illustrate a developing impulse wave making a little bullish bounce to complete wave iv. It was expected that price would continue downside afterwards for the 5th wave.
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.
Price confirmed our expectation in the last forecast. A small rally to $7500 and down the move continued.
5-7 April Bitcoin price prediction: what next?
Yesterday's intraday low was at $6400 (which confirmed end of wave iii) before price rallied to $7500. At $7500, wave iv completed and price dropped quickly. The 5th wave of this degree is expected to continue in the next few days to $5500-$6000. At the end of this, at least a 3-wave rally could happen back to $8000 region. Stay tuned for the next update.
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