Bitcoin's price hovered around $7,200 at Christmas, down from $13,880 six months ago.And while most of the headlines were grim,Cryptocurrency price charts told a completely different story. Bitcoin fell 48% from recent growth, but this was not the time to join the bears. The analysis below, sent to subscribers on December 25, showed that this time the bulls' optimism was actually justified.
Bitcoin 4 hour chart showed dropbetween $ 13,880 and $ 6,425 was a simple a) -b) -c) zigzag. The correction included a triangle in wave b) and a finite diagonal in wave c). BTCUSD was in an uptrend before this decline, so it made sense to expect the resumption of an uptrend after the rollback. In addition, an analysis of the Elliott waves allowed us to determine $ 6425 as the invalidity level for this calculation. Stop-loss would limit the risk of losses while keeping the profit potential open. After a month and a half, the updated chart below shows how the situation developed.
Bitcoin is currently trading at around $ 9,770,which is 35% more than at Christmas. More importantly, $ 6,425 was never compromised. And while the price will remain volatile and respond to every news, traders should also remember to look at the charts. Quite often, the information they store can be several months ahead of you.
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Bitcoin: “Excuse me, I have all the moves written down…” )))