Bitcoin price analysis .... This analysis may give you a new perspective

Nowadays the price manipulation provoke by the Cartel it is more clear than ever (I will not talk about this group if you want to know more about it I invite you to do your own research), the recent events was a clear example of this and the consequences in bitcoin´s price in the short term, a small exchanger was hacked and a significant drop occurs, another much bigger exchanger was attacked and a much smaller fall in general terms that expected happens, it's like saying that your friend suffered more when his pet died than when his loved relative died, anyway, as I said sometime before, we must not base our analysis only on methods like Elliot Wave, we must consider the news that will be announced especially when the price reaches the levels of support and / or resistance. Let's analyze what can be seen in the graph (the graph was taken from the Bittrex exchanger).

According to many bitcoin analysts, the point known as apex (in this case, where the downward trend ends and a significant rise in prices begins) should have reached in mid-April, but not happened, then it was forecast for mid of June but neither, those analyzes have their sustenance based on the red line marked in the graph as peak 4 and the crossing with the lines marked as downtrend 1 and 2 respectively. Each of the peak lines indicates the highest points that the bitcoin´s price has reached before a significant decrease within each of the segments of the Elliot wave and after having reached its historical maximum of almost 20 000, people that follow the Elliot Wave theory should know in a downtrend process of an asset´s price there are 5 stages: A-B-C-D-E, currently the graph indicates that currently we are in the process of the last stage of the Elliot Wave for a downtrend , the E segment, if the trend remains, according to the graph, the maximum price of the bitcoin that could have in this stage would be in or below the points of the line marked as peak 4, to determine more precisely where the apex is, it is necessary a little more time of observation in order to draw the corresponding line, following the logic of the graph, would have the name of downtrend 3, many people who start studying the wave of Elliot think that this analysis will indicate in what day a price increase or decrease will occur, but in reality the reference that must consider for a possible rise or fall in a price is not based on time, is based on value, in my opinion based on what the graph shows us to determine the apex, we must use as a reference the line of the next level of support that is between 5280 and 5450 instead of the line labeled as peak 4 mentioned above.

The graph tells us according to the peak 4 line, that the bitcoin will reach a maximum of just over 7000, if the trend is remains before a new important price drop that is very likely to reach the support level of between 5450 and 5280. Many people think that reaching the bottom of an asset´s price is an event that happens suddenly and once that value is reached there is a great rebound and that bottom value does not come back again, but actually reaching the bottom is a process that implies support consolidation, the price goes up a little bit after having reached the mark and then falls back again to stay in that range and finally take flight, that takes time and almost never that time implies a couple of days, it's more than that. Between August 22 and September 19 there is an event known as the ghost month, that affects the countries of China, Japan and Singapore, this event is key because during that time the cryptocurrencies have experienced important declines like the one that happened last year during that same time interval, that's when I estimate that the bitcoin and the other cryptocurrencies will reach the final bottom, which, as I said, is not something that will happen in single day, depending on what the Cartel does, that resistance level could be touched for the first time before that period and in that period fall back to that range or even down a little lower.

Conclusions:
The price of bitcoin is very likely to remain fluctuating within the approximate range of 6700 and 5900 over the next few days until reaching the level of 7000 and then experiencing a new important fall back consider that in this moment a head and shoulders pattern is in progress .

Bearish approach
If the price of bitcoin reach the value of $ 5820 and if it fails to rise after a day of reaching that value, its price will fall to the range of 5280 – 5450, the final estimated bottom, which, as already mentioned, can be touched several times before the start of the definitive up trend.

Bullish approach
If the bitcoin price exceeds at least a small amount the value of 7000 and holds for at least one day it will reach the next resistance range close to the value of 7700 before experiencing an important fall back.

Recommendations
Always keep in mind that the crypto-monetary environment is on the one hand very volatile (and more if there are manipulations) and on the other it is a world of probabilities, not of certainties, so if you think about investing you could place a purchase order in 5900-6000 but as is impossible to know exactly what will happen I recommend investing a maximum of 50% of the amount you want to invest, consider that the risk-reward variable is not so attractive, the best entry point will be when the bitcoin is fluctuating within the resistance range of 5280 - 5450 although as mentioned this may take time before happens

Good luck for everyone and if this post help you, support it by sharing it, upvote or resteem it. If you have another point of view or do you want that share my point of view about another cryptocurrency let me know it in the comments.

Legal Disclaimer: I am not a financial expert or a professional crypto analyst, THIS IS JUST MY PERSONAL POINT OF VIEW is your own decision and your own responsability take any action with your investment, I will not be responsable for anything that may happend if you follow totaly or partialy the words in this post, also remember that the crypto world IS NOT A WORLD OF CERTAINTIES IS A WORLD OF PROBABILITIES.