Bitcoin - another rally ahead of us?
In our previous analysis, we have mentioned that bitcoin may have ended the ABC simple correction. We assumed that because of the shape of the ABC pattern and the larger volume at the end of wave C.
Currently, the market got a boost from Elon Musk, who changes his bio on Twitter, putting in the bio just #bitcoin. It led to a huge spike with over 4000 USD appreciation. As a consequence, the trendline has been broken and the market has tested its first potential target at 37857 USD.
However, if the moment will be continued and the top of wave B is broken, the market may move to the ATH and could try to make another rally to 45000 or 50000 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Currently, the market got a boost from Elon Musk, who changes his bio on Twitter, putting in the bio just #bitcoin. It led to a huge spike with over 4000 USD appreciation. As a consequence, the trendline has been broken and the market has tested its first potential target at 37857 USD.
However, if the moment will be continued and the top of wave B is broken, the market may move to the ATH and could try to make another rally to 45000 or 50000 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.