2 Updated Bitcoin Charts and Analysis (mid-term) 4/20/2018

Based on the recent price action and overall bullish sentiment in the market I have updated my bitcoin chart/analysis. This is what I see happening over the course of the next week and a half. 

Technical analysis and Elliot Wave Theory cannot predict price, but instead allows one to calculate probable targets based on volume and price action. Fib Extension and Retracement targets are based on % changes and probability.  But VOLUME is the strongest indicator and most important factor in the equation. Considering that BTC has only retraced down to $7800, it suggests a stronger move and overall more bullish market. 

RSI is showing higher lows and is trending upwards.

Looking for an RSI to stay between 60-80 to indicate bulls are in control.

Target of $9677 is based on a 1 to 1 fib extension. 

Tough resistance @$8400-$8500 before an official breakout can be confirmed. Once price moves past that though the I will expect a run up to 9k and then to $9677.

55EMA acting as support

Looking for this to happen over the course of a week to a a week and a half. 

As the price of Bitcoin goes up, the value of 1 satoshi increases. Look for ALT COINS to increase in value as bitcoin goes up. 

Look for the entire crypto market cap to make its way up toward 400bill and the price of bitcoin and 95% of alt coins to increase accordingly as well. 

The Chart below is a zoomed in version showing an ascending triangle pattern, typically a continuation pattern, and shows a potential pathway before BTC breaks out above $8400.

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LEGAL DISCLAIMER: I am not a financial advisor, nor is this intended to be  financial advise. I  encourage you to do your own research considering this blog is  a way for me to document my own  personal analysis, charts, trading decisions, and experiences.