Bitcoin's Next Move - Technical Analysis 04.03.18

Further to my recent TA posts (the last one being 25.02.18), I wanted to provide an overview of a pattern forming with the #Bitcoin price that does suggest the bottom was formed on February 6th, 2018, and that we are now in a upward trending market.

You'll see from the graphic that after reaching the All Time High price of around $20,000 on December 17th, 2017, the price of #Bitcoin had three (3) sharp Impulse Waves down (as indicated by the blue arrow lines going down).

In between these sharp impulse moves down, #bitcoin had two (2) corrective ABC waves (red arrow lines).

From February 6th, 2018, we had a strong Impulse wave up from around $6,000 to $11,800 (as indicated by WAVE 1). We then had a ABC Correction Wave back down to around $9,350 (WAVE 2).

I continue to state, using Elliot Wave Theory, that we are currently on WAVE 3 of 5. The theory suggests that if we are indeed on an Impulse wave higher then by the end of March 2018 we can expect to hit at least the $17,500 to $18,000 levels.

For this theory and prediction to play though, #Bitcoin must continue to form higher highs and higher lows from here on out. And it seems that major support has now been formed around the $11,000 level. If so, the price must continue to close above this level on the weekly chart.

Peace.

#CryptoKnowledge

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