The Rise, Fall and Rise of Bitcoin : BTC's Possible Scenario'sIts been a good postive year beginning for Bitcoin so far comparing last years market trend. Currently we are seeing Bitcoin in an upward movement with a good bullish trend. In the short run it seems it is having so many different outcomes. When we see the trend created in the past few days its an ascending triangle which is also a good bullish trend indication. This triangle usually appears during an upward trend and is regarded as a continuation pattern. It is a bullish pattern. Sometimes it can be created as part of a reversal at the end of a downward trend, but more commonly it is a continuation. Ascending triangles are always bullish patterns whenever they occur. BTCUSD has broken its major resistance level at around $5735 after such a long consolidation period which comes after a low level at around $3180 USD from its all time high of $19900 point which happened in mid December, 2017. Today in some exchanges we have seen Bitcoin hiting its intraday high of $6130 and is currently trading around $5800. But the overall trend is bullish as long as the support at around $5200 is secured and it is clear that it is in a major trend reversal after keeping above the 300EMA. Our major supports for now are around $5440,$5200 and $5040. If it closes specially below $5040 we might further see a correction which might further go deeper upto the level around $4500 level which is the area of our 200EMA. If confirmed higher than the $5500 buying partial might be taken as a smart move but it still seems risky and couldn’t be taken as a confirmation long postion since it might be a trap made by a small number of whales in the market.
Further as it is shown on the 1 day chart we have 3 higher high peak points which seems a strong and bullish behaviour of todays market trend trading above the 10EMA line for the shorter term view.
When we come to the short term prediction we may encounter with so many outcomes and scenarios that can happen in the market. From these scenarios we will discuss the bold ones as follows.
Scenario 01 : We might see one last downward impulse move to start a correctional retrace movement before we see any further bullish trend to get more strength until the next rebound to break the resistance at around $6200 level.
Scenario 02 : We might see an immidiate retrace after seeing a 5 waves elliot upward move.
Scenario 03 : We might see a further downward movement towards the $4500 area to see a correctional 3 wave elliots pattern as stated earlier.
