Cryptos have been silent this week with no assured direction yet. Bitcoin is looking for a space to breathe. When the breakout happens, what direction is more likely and what price?
At the time of writing, bitcoin is almost at the same price as it opened 24 hours ago. Price movement has gone sideways. BTCUSD is in fact moving around this week’s opening price. The market is looking for the trigger to determine where next to move, and so are the traders. The long term bearish correction is still in the cards, and looks more likely than a bullish breakout. However, when a market is this quiet, it’s awaiting an important trigger on which to base the next breakout. Therefore a bullish breakout can’t be ignored. From the last update, a bearish continuation move was expected as the chart below shows.
Price quickly recovered close to $6800 after the last update. Despite the recovery, it once again lacked enough bullish momentum to break above $6800 for a new high last month. $6800 is the closest technical price resistance. A break above $6800 would probably see price eyeing $7000 again. The preferred scenario still points downside as we count an impulse wave 3 toward $5700 and below. The bearish scenario will have a better chance if price breaks below $6350 short-term support significantly. A new low this month is till very much likely from technical analysis perspective.
Bitcoin price prediction: Elliott wave analysis and Important price levels
Yesterday, the price dropped close to $6450 but couldn’t break below. The forecast in the last update is still valid until price breaks above 6650. A break above 6650 would probably lead to 6800-7700 top. Below, there is the 6450-6500 support zone which is required to technically confirm our preferred wave count. The first bearish target is 6100. A break below could see price making a new low.
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