Bitcoin - possible Elliott wave structure
Looking at the price of bitcoin on the log chart we may spot that the recent pullback could be labeled as wave 4. The previous bull run consists of five sub-waves within wave three where no divergence on MACD has appeared. Looking at the current drop huge hidden divergence has appeared. This would be typical for wave four.
According to the Elliott wave analysis, wave five should appear and it could be equal to wave 1 in percentage terms. The potential target could be set at 80 000 USD.
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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.
77.46% 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.
According to the Elliott wave analysis, wave five should appear and it could be equal to wave 1 in percentage terms. The potential target could be set at 80 000 USD.
________
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.
77.46% 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.
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