Longtrem analysis for bitcoin
HI
Today I want to give you a long-term analysis based on Eliot's waves And Fibbonachi levels.
As you can see on the chart, bitcoin has been on the uptrend That started on 2011 October 17 and this trend line which has also had strong support in the weekly frame has lost its 7-year support on 2018 november 12.
Bitcoin is now in its FOURTH wave(C-D) starting in Year 2011 that There are three small waves inside the fourth wave(ABC) And the price at the end of the AB wave could PULLBACK to breaking a long-term trend in a weekly frame And now it's on the BC wave(2800)
If you look at the Trix indicator, you see a strong bearish cross, and if you look around the red box you see that this is a strong sell signal.
I can't set a precise time to reach a fixed price target But I can assure you in the LONGTERM that bitcoin will not be the ALL TIME HIGH(ATH) price at the current price point (6500).
Please without prejudice Note the analysis
Good Luck
Today I want to give you a long-term analysis based on Eliot's waves And Fibbonachi levels.
As you can see on the chart, bitcoin has been on the uptrend That started on 2011 October 17 and this trend line which has also had strong support in the weekly frame has lost its 7-year support on 2018 november 12.
Bitcoin is now in its FOURTH wave(C-D) starting in Year 2011 that There are three small waves inside the fourth wave(ABC) And the price at the end of the AB wave could PULLBACK to breaking a long-term trend in a weekly frame And now it's on the BC wave(2800)
If you look at the Trix indicator, you see a strong bearish cross, and if you look around the red box you see that this is a strong sell signal.
I can't set a precise time to reach a fixed price target But I can assure you in the LONGTERM that bitcoin will not be the ALL TIME HIGH(ATH) price at the current price point (6500).
Please without prejudice Note the analysis
Good Luck
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.