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Bitcoin price prediction: BTC in a minor recovery to $10,500

Bitcoin price prediction: BTC in a minor recovery to $10,500

Bitcoin is back above $10,000 and might continue to $10,500 before dropping further. The following technical analysis is based on the Elliott wave theory.

August 23, 2019 | AtoZ Markets – Bitcoin is bouncing off $9,750 and now currently priced above $10,000. It hit $10,250 earlier today. Currently, at the time of writing, BTC is priced at $10,150. Since Monday, the premier crypto has been bearish. It fell from $10,950 to $9,750 in 48 hours. Meanwhile, a minor recovery started yesterday and BTC has since gained over $400. Though the larger picture shows a propensity for more sell-offs, the minor rally could continue to $10,500. 

Bitcoin still maintains a huge market dominance which has dropped from 69% to 68.4%. However, its dominance might soon start to plummet as the Alts gain more advantage according to our last report. The total market cap remains at $264 billion – unchanged from yesterday’s total. The market has been set back by over $50 billion in the last two weeks.

Bitcoin analysis: important price levels

The current bearish correction started late June after BTC rallied to $13,900. Above this resistance level is the $19,800 all-time high. Meanwhile, these levels are currently far-fetched. The closer resistance levels are $10,900, $12,300 and $13,100. However, before the price will test these levels, it might drop further below the $9,500 and $9,100 support levels before it hit the $7,500-7,100 support zone. 

Bitcoin price prediction: Elliott wave analysis

From the Elliott wave perspective, it’s very clear that the dip from $13,900 is a correction of the 2019 bullish trend that started in December 2018. We labelled it as wave (2) and reckoned that a double zigzag pattern is emerging. In the last update, where the chart below was used, we expected the wave (2) double zigzag correction to continue to $7,500-7,200 diagonal and Fibonacci confluence zone.

Wave (c) will be in full flow once $9,500 is breached downside. Looking at the 15 minutes time frame in the new chart below, it seems the current correction will most likely continue to $10,500 before $9,500 is breached.

We are counting a bearish impulse wave from $10,950 as the last leg of the zigzag that will complete the double zigzag wave (2). Unless a massive bullish breakout happens above $10,950, the sell-off should continue below $9,000 to $7,500.




Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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