Bitcoin Technical Analysis

we are witnessing a recovery in bitcoin prices in recent days. But have Bitcoin's trend just turned around? This is a question mark. There are two scenarios related to this topic

First Scenario

• Prices have not yet started to trend upward
• Because the C wave is not yet complete according to elliott's principles
• The 4th and 5th waves, which are the bottom waves of the C wave is not yet complete
• According to this scenario, in the coming days the prices could again test 5000-5500 range.

Second Scenario

• According to this scenario, the downward trend ended at 6000 USD and a new upward trend has begun
• Notice that the C wave appears three waves. C waves have to be five waves in normal conditions.
• Sometimes it is not possible to make waves 5 in high volume markets. This is a rare condition. This structure name is failure 5th wave.
• According to this scenario, the uptrend will continue in the coming days. first target 9500-10000 area
• We can see new ATH in following months

Thanks for Read