Analysis made with traditional Elliott wave theory, we failed again to break 10.5k, worst news (for bulls) is we didn't even get close and this time got rejected at 10.1k which creates another lower high compared to February 2020.
Now the downtrend is still intact, despite the recent attempt to break a big resistance (descending triangle). We can safely say the bulls are now either selling or placed in the recovery position, praying it is just a bad dream...
Therefore 5.5k looks obvious, with a safe estimate date to be achieved around July-August this year.
5.5k is a quite conservative target I believe. The most ambitious traders will aim at 3.5k (lower low compared to March 2020). And because it needs to be done, Stop Loss set @ 10.8k
At the time of this topic, Bitcoin is trading around 8.95k, it is very possible we see a bounce back to 9.4k, it shouldn't bounce higher than that, in any case a bounce shorter than 9.8k will confirm the downtrend.
Best of luck everyone
Now the downtrend is still intact, despite the recent attempt to break a big resistance (descending triangle). We can safely say the bulls are now either selling or placed in the recovery position, praying it is just a bad dream...
Therefore 5.5k looks obvious, with a safe estimate date to be achieved around July-August this year.
5.5k is a quite conservative target I believe. The most ambitious traders will aim at 3.5k (lower low compared to March 2020). And because it needs to be done, Stop Loss set @ 10.8k
At the time of this topic, Bitcoin is trading around 8.95k, it is very possible we see a bounce back to 9.4k, it shouldn't bounce higher than that, in any case a bounce shorter than 9.8k will confirm the downtrend.
Best of luck everyone
@Bossian you’re wrong as bitcoin prices was not rejected at $10k levels, bitcoin prices only crashed because of the news that Satoshi was back and he had sold his coins from his old wallet (which isn’t true/unconfirmed for now). However I’m optimistic that bitcoin prices will soon rally upwards till $9.5k levels, and then they’ll try and breach the $10k mark again, but if they fail to breach it then it’s quiet possible that we may see your prediction come true.
Sources:
https://www.forbes.com/sites/billybambrough/2020/05/21/bitcoin-price-crashes-as-sudden-sell-off-surprises-market/#27ec36ae5202
https://bitcointalk.org/index.php?topic=5249867.msg54467838#msg54467838