Bitcoin. Elliott's wave analysis.Part 2.

In the  last part of an article, i wrote about a possible option of bitcoin correction to the 3500-4500$ in a long term perspective. Now I would like to tell you about what could happen to bitcoin price in a short term.

We have seen that bitcoin price  formed a descending wedge and today price has firmly broken its upper border, that means that in a short term we could expect a reverse to 4th wave (8500-9200). If the price consolidate at this level that would subsequently  lead to a global start of a bullish movement , but one should be very carefull because in 2014 we had such a bounce back and a continous downfall after it.

Conclusion: We should watch the price movement at level 8500-9500, if the price consolidate at those levels, that would mean a start of a bullish trend. If not , we could expect a new wave of bearish movement.

Personal opinion: I think that we we should consider break out of a descending wedge as reliable pattern of a bear market  end