Bitcoin(BTC) Update : Two positive scenarios!
After the trend reversed, BTC prices are moving along the expected price pathway. In the short term the EMA (5) and EMA (15) lines are likely to be golden cross(as in the previous pattern), so the BTC price will move as orange line that shown in the chart. And as expected, the price will be reached at 'd' point soon.
Now the important thing is price behavior after 'd' point.
We can assume two scenarios. One of the scenarios is the price breach out strongly at the 'd' point(#1), and the other one is change the trend and go to the 'e' point(#2).
#1 Breach the ‘d’ point
To successfully breach the trend, a volume explosion needed.
If a volume explosion occurs, it can be taken as a signal that the elliott impulse wave has definitely begun.
In this case, the target price is about $ 16,000, and if strong buying continues and the wave is extended, it can approach up to $ 19,000.
#2 Moving target to the 'e' point
For scenarios that go through the 'e' point, the price can temporarily reach $ 7,800. Thereafter, a gentle elliott impulse wave will begin, and when entering the (3) wave a strong buying volume has expected. In this scenario, prices are likely to rise sharply rather than an extension of the wave.
Both scenarios have confidence in price increases, so there may seems like no differences in a long-term perspective. However, there some points to help for investors trying short-term trading. In addition, each scenario needs to be examined in what scenario it is going to have, since the trend after the price increase is likely to be different.
Now the important thing is price behavior after 'd' point.
We can assume two scenarios. One of the scenarios is the price breach out strongly at the 'd' point(#1), and the other one is change the trend and go to the 'e' point(#2).
#1 Breach the ‘d’ point
To successfully breach the trend, a volume explosion needed.
If a volume explosion occurs, it can be taken as a signal that the elliott impulse wave has definitely begun.
In this case, the target price is about $ 16,000, and if strong buying continues and the wave is extended, it can approach up to $ 19,000.
#2 Moving target to the 'e' point
For scenarios that go through the 'e' point, the price can temporarily reach $ 7,800. Thereafter, a gentle elliott impulse wave will begin, and when entering the (3) wave a strong buying volume has expected. In this scenario, prices are likely to rise sharply rather than an extension of the wave.
Both scenarios have confidence in price increases, so there may seems like no differences in a long-term perspective. However, there some points to help for investors trying short-term trading. In addition, each scenario needs to be examined in what scenario it is going to have, since the trend after the price increase is likely to be different.
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