Bitcoin BTC Elliott wave analysis 14 Jun 2018
Bitcoin dropped close to $600 yesterday before a slight rally to $650 today. How do we expect Bitcoin to move in the coming days. The following 14-15 June Bitcoin price prediction gives useful clues.
Yesterday, Bitcoin dropped to $6100 from $6900 we saw in the previous day. Since the February - June triangle breakout, Bitcoin has lost about $1000. In the older updates we had this month, we expected price to go as far as $4000 from the triangle target projection. Even worse at $1000. These are not positives for BTC Hodlers but are very likely to happen unless price turns otherwise. The breakout from the triangle is emerging into an impulse wave. At the end of the impulse wave drive, we would be expecting bullish moves. If the bullish move is corrective, it means we might have an extended bearish drive down to $4000. If the rally is impulsive, we might see price turning upside up to $10000. But we need to focus on NOW more than what would happen later. The chart below was used in the last update.
The chart above is counting a 5-wave down from the end of wave (e) of the triangle. The current intraday rally which may last up to $7000 is shallow and corrective. The bulls will only return if price breaks above 7355 otherwise, the next level to watch for is $6200 and its neighborhood. There could be a bigger rally after price dips to around $6200. The bearish market has a high chance to persist throughout this month unless we see a strong break above $7355.
Price dropped as expected, down to 6100 before the recent rally. Just like in XRPUSD forecast, I would be expecting BTCUSD to also drop further. I have made an adjustment to the forecast above making the drop to 6100 as the ending leg of wave iii. The chart below shows the new update.
The impulse wave is expected to continue to 5800-5500 after which the bullish move would resume. Wave iv is expected to stay below 6900. Any strong move back into the triangle would be good for buyers but that might not happen until probably the last drop according to the forecast in chart above. Stay tuned for the next update.
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