Bitcoin analysis. Bitcoin Recovering From Fatal Lows (#24)
After almost 50% crash in December Bitcoin regaining momentum. Roller coaster full of Hodlers run up to the next all times height.
After first attempt to start persistent uptrend few days after Christmas another small depression follows, but this time Bitcoin price grab traction upwards and for a week we experience constant uptrend. Major resistance line had been left unbreakable. From the last attempt to break resistance line a new 1-5 Elliott wave pattern starts. Last abc pattern was completed in the time of writing.
In my analysis #23 from a week ago I was miss leaded with my idea of forming ABCD harmonic pattern and forgot to draw important resistance line formed from three significant lows. It turns out that this line prevent price to go even lower and complete ABCD pattern I predicted will complete. As I draw at chart above price had stay above major resistance line, leave point T1 behind and never descend to the point T2.
After descent from all time height in abc Elliott pattern, new set of five waves is started which will be completed on the end of February. Wave 3 will end at $22500 and wave 5 will complete pattern at orientation level $24800. This to levels are estimated with Fibonacci proportions to the point B. But a lot of factors can deviate this road map a lot. All kind of thinks governments and banks will start in the beginning of this year. The first strike was from VISA. Who knows what can follow. But price is hovering high above moving averages and this lift will probably help to achieve predicted levels.
Short term traders have probably already set their positions and hodlers grab handles of the roller coaster firmly. So what can possibly stop as in this trip to the moon.
Previous analysis: #15, #16, #17, #18, #19, #20, #21, #22, #23. Is good to check them out to get insight into my reasoning. Some contemplation in post Bitcoin goes parabolic.
Image sources: Investing.com,
Data sources: Bitfinex exchange
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