Bitcoin Price Inquesting Resistance - Elliot Wave Supercycle Completed
Bitcoin price started rising today to print a high that is a few cents short of $328 on Bitstamp. Since the 17th of November, bitcoin price has been dropping and scoring lower lows each day, on most of the past 10 days. Nevertheless, the downtrend seems to have started fading already, especially with the completed Elliot 5 Wave pattern that we can spot on the 1 hour charts. 5 Elliot Waves On the 1 Hour Charts: By examining the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart), we can notice the following: We can now plot a Fibonnaci retracement between the high printed on the....
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Bitcoin price skyrocketed earlier today to print a high of around $370. Just like we predicted along yesterday's analysis, bitcoin price soared right after bypassing the resistance level at $330.1. The price surged to breach the resistance at $350, before dropping below it as bitcoin is now trading at $347. New Uptrend On The 1 Hour Charts: Let's examine the 1 hour (BTC/USD) charts from Bitstamp (look at the below chart). We will keep the Fibonacci retracements we plotted during yesterday's analysis and execute the stochastic oscillator. We can note the following: After the Elliot bearish....
Over the last few weeks, the Bitcoin price has been on an upward trajectory, propelled forward mainly by institutional adoption and buying. This has seen the Bitcoin price rally to new all-time highs at $111,900, and has remained above $100,000 despite a turn in market sentiment toward the negative. However, this support has not bolstered confidence, with one analyst predicting that the leading cryptocurrency has seen the end of this bull cycle. Bitcoin Price Completes Elliot Wave Theory The Elliot Wave Theory is a chart pattern that has been widely used as Bitcoin has become more....
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