September 18, 2020

Bitcoin When the correction ends.

In the latest update at the end of June, based on the structure of the movement, the following conclusion was made:

The climax ended with the 5th passing after the triangle in wave 4, this means the formation of an impulse from 3132 has ended (or near the end), which confirms the scenario with a movement above 20,000.

Bitcoin When the correction ends.

A forecast was made for the near future:

The growth has either ended, or we will see a slight upward movement, after which we should expect a rather serious correction, at the moment this is the classic range of the 4 previous dimensions 9212-6587.

As you can see, last week the course confidently entered the specified range and is now in it. At the moment it is impossible to say whether wave (2) However, the bottom is very likely somewhere near. In the near future, it is necessary to monitor the development of the short-term wave structure and expect confirmation (impulse up), as well as other technical indicators. (closed section).

A more confident growth of altcoins is also forecasted: strengthening them to bitcoin.

Once again, it should be noted the developmentsentiment. At the top (district 14000), the mood was extremely optimistic, probably even those who called the cryptocurrency a pyramid rushed to buy. Nowadays, the predominantly “negative news background” prevails; many have started talking about 5000-4000 and below .

Bitcoin lost overnight last weekalmost 20 percent of its value. Analysts know why this happened. It turns out that the launch of the Bakkt platform, intended for trading Bitcoin futures, is to blame. It is noteworthy that a couple of weeks ago it was Bakkt that was considered the main trigger for starting a new stage of BTC growth.

So the same event gives the result in different directions, and even in hindsight. However, this happens far from the first time.

More details: ELLIOTWAVE.ORG