Bitcoin continues to consolidate in a tight range. The following Bitcoin price prediction November 5 update is based on the Elliott wave theory.
November 05, 2019 | AtoZ Markets – The cryptocurrency market has gained over $5 billion this week so far despite the sideways move. Bitcoin remains below $10,000 in November and has gone sideways between $9,600 and $9,000 in the last one week. While the surge from $7,300 should continue, the lack of momentum will eventually drive the current dip lower. Unless a massive breakout happens, the current consolidation might continue till Friday.
Bitcoin market dominance has dropped to 66.9% according to data available on Coinmarketcap. Although the change is very small compared to what we had at the beginning of this week, it still shows BTC has performed a bit worse than the aggregate of the Altcoins (in the last one week). Meanwhile, in the last 24 hours, the flagship crypto has been the worst performer among the top 5 coins with 1% drop. By comparison, Litecoin and BCH gained 6% and 3% respectively. However, in the last 12 months, Bitcoin is by far the biggest gainer with 46%. Litecoin comes at a distant second with 19%. If the bullish trend resumes, this should increase.
Since the dip from $10,490, two minor resistance levels have completed at $9,950 and $9,650. On the other side, the major short-term support zone at $8,860-9,000 might also hold on for a little more time.
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Bitcoin price prediction November 5 Elliott wave update
From the Elliott wave perspective, we identified the new bottom at $7,300, The bearish correction that started in late June has apparently ended. The surge to $10,490 was the trigger we expected. In addition, the current dip is corrective. That signals that once the correction is over, the bullish trend should continue above $10,490, $12,300 and $13,900 toward the $19,800 all-time high. In the last update, we used the chart below to analyze the corrective dip. (All charts used are from TradingView)
We expected a simple zigzag corrective pattern to $8,500-8,500 before the bullish trend continues. However, the corrective pattern went sideways and thereby becoming more complex. This chart below is an update.
From $9,950, the Bitcoin price is completing a triangle pattern to end wave (b). With this structure, the bears could push lower than expected in the last update. If the triangle pattern completes and the price breaks below it, BTC should drop to $8,000-8,500 before returning upside.