Bitcoin is getting close to 3100 low after the renewed bearish move in the last six days. A bullish price pattern is emerging. Will Bitcoin jump upside again?
January 14, 2019 | AtoZ Markets - The crypto market has lost about $9 billion in less than a week after another round of bearish onslaught. It remains to be seen whether digital assets will make a way up in the first quarter of 2019. Currently, their price activities in the last one week suggest their might be lower prices than 2018 lows. According to data from CoinMarketCap, the prices of Bitcoin, Ethereum, Ripple and Bitcoin Cash have dropped 2-6% in the last 24 hours.
Bitcoin has lost about 15% after dropping from 4100 to 3500. The wave of optimism that started in late December 2018 and continued till the first week of January 2019 has not been sustained. Today, price has been lifted slightly above 3500 with very little volume. It seems the bearish run will continue to 3200. A dip below 3100 however will most likely lead to 1800.
Bitcoin Price Prediction: Will BTC Return Upside?
In the last update, we expected a dip to 3200 as the chart below shows.
At 3100, price completed a bearish impulse wave from 6550 where it had a downside breakout in November 2018. A 3-wave bullish correction was expected to follow. The rally from 3100 to 4200 might have completed the 1st leg of the bullish correction. The 2nd leg which should be bearish is still ongoing. After last week bearish breakout (as the chart above shows), wave (b) was expected at 3200. A dip below 3100 will set price for a new low. The chart below shows the new update.
The second corrective leg is about to end and stay above 3100. Price might not hit 3200 before returning upside to complete the last leg - wave (c) of the bullish correction. By projection, it could hit 4800-5000 upside if it breaks above the upper line of the blue channel. A dip might happen afterwards to a far lower price than 3100. For a complete bullish recovery, price will have to start a genuine bullish run to 6000-7000 zone.On the other hand, a dip below 3100 might see price head toward 1800 support level.
At what price do expect Bitcoin in the coming weeks? Please share your thoughts with us in the comment box.