The price of Bitcoin came down to the projected level and considering that we could have seen the completion of the C wave which is the sub-wave of the higher degree Y wave, recovery will be seen and with the price starting to move to the upside again the recovery might have already started.
- The price of Bitcoin decreased by over 16% from Friday and has come to the projected level for its ending point.
- If the ABC correction ended, so did the Y wave from the higher degree count which is why recovery is now likely to be seen.
- If the C wave hasn’t ended after a retest of the broken support level we are to see a breakout to the downside below the 0 Fib level before the completion of the C wave.
Read: Trade Bitcoin with eToro
Bitcoin Analysis BTC/USD
From Friday’s high at $11900 the price of Bitcoin has been decreasing over the weekend as it fell to $9933.7 at its lowest point today which is a decrease of 16.56%. The price is currently being traded at $10271 as it started recovering and is in an upward trajectory.
On the 15-min chart, you can see that the price of Bitcoin started breaking out to the upside from the unconfirmed descending channel’s resistance level on Friday and came up to the 0.5 Fib level on the Saturday’s high and attempted to move above it but the attempt ended as a failure with the price immediately starting to go to the downside in an impulsive manner.
This attempt was the B wave from the ABC move to the downside which was expected to get rejected by some of the significant Fibonacci levels on the retest, but I was expecting an interaction with the 0.618 level before a move to the downside as the price started breaking out from the descending channel.
Instead, resistance was found on the lower level which is the half range point of the previous ABC correction after the 5th wave out of the Minor count ended.
As you can see the price came down exactly to the projected level on the C wave, slightly above the 0 Fibonacci levels but we are yet to see if the downfall ends here as the price is attempting a recovery from today’s low.
This recovery might be the start of the higher degree uptrend continuation if the WXY correction ended, but I don’t believe that it did. More likely we are to see some minor recovery to the upside, potentially retesting the 0.236 Fib level before another drop below the 0 Fib level which will result in a lower low on the third correction which is the Y wave of a higher degree.
The post Bitcoin Price Analysis: BTC Target Met, Recovery Time Now? appeared first on Blockonomi.