Bitcoin Price Analysis: BTC Pulls Back But Another Increase Expected Soon

97

In the last 24 hours, we’ve seen the price of Bitcoin decreasing but it looks like the price found support slightly above the significant Fibonacci level.

As the decrease looks near completion very shortly I would be expecting another increase which is the continuation of the recovery starting from last Wednesday.

  • The price of Bitcoin most likely ended its first five-wave move after the WXY correction ended.
  • If this is true then we are seeing the 2nd wave developing from yesterday’s high and could lead the price of Bitcoin back to $9168 before an another upturn.
  • This would be the 2nd wave out of the five-wave increase of the higher degree which is set to recover the price above $12000

Read: Investing in Bitcoin, Complete Guide

Bitcoin Analysis BTC/USD

From yesterday’s high at $10976.7 the price of Bitcoin has decreased by 9.62% as it came down to $9920.6 at its lowest point today around which the price is currently being traded.

Looking at the hourly chart, you can see that the price came down to the 0 Fib level but there hasn’t been an interaction, as the price found support at the vicinity of the 1st wave’s ending point.

As the WXY correction ended an upward five-wave move has been seen developing until yesterday’s high.

There could still be a possibility that this wave hasn’t ended as we could be seeing the 4th wave developing.

Considering that the price fell impulsively and broke the significant ascending trendline I don’t believe that the 5h wave hasn’t ended.

More likely we’ve seen the completion of the first wave with the downfall from yesterday being the start of the 2nd one.

If the five-wave increase seen from last Wednesday until Sunday’s open was the first sub-wave of the next starting impulse to the upside the downfall from yesterday’s high could continue to its starting point at $9168.3 before we see another upturn but considering the vicinity of the 0 Fib level I don’t believe that the 2nd wave would retrace that much.

This increase might end on the next upward wave as another three-wave corrective move which would mean that the WXY correction got prolonged by two more waves, but for now the projection is that a five-wave increase would occur, most likely above the 0.618 Fib level.

The post Bitcoin Price Analysis: BTC Pulls Back But Another Increase Expected Soon appeared first on Blockonomi.