The price of Bitcoin has jumped to the potential resistance level set by the previous top near 10400 USD. The whole upward movement seems to be a consequence of the previously described harmonic pattern and Elliott wave count.
The upward limit in the downward channel has also been broken which could set the nearest support. If the mentioned resistance is defended the price of BTC may retrace to the potential support at 6900 USD as a wave “ii”.
However, from the larger perspective, this market may rise in the longer-term as a wave “iii” within wave 3. The strongest in the whole impulse structure.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The upward limit in the downward channel has also been broken which could set the nearest support. If the mentioned resistance is defended the price of BTC may retrace to the potential support at 6900 USD as a wave “ii”.
However, from the larger perspective, this market may rise in the longer-term as a wave “iii” within wave 3. The strongest in the whole impulse structure.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
