16 Jun 2018
The Crypto market rebounded in the mid-week but that might not be enough to force a strong bullish recovery yet. Will price drop further? The following 16-17 June Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
Bitcoin made a slight recovery in the mid-week. Price had earlier dropped to $6100 earlier in the week before rallying slightly to $6700. We have discussed in the previous updates our expectation of price dropping below $6000 before a big bullish correction. The long term bearish targets stand at $4000 and $1000 if price plays out to our forecast. The all-time bearish correction is going much deeper than many had expected. The corrective pattern is emerging into a double zigzag. Just at the beginning of this week, price broke below a triangle Wave (X) pattern of the W-X-Y double zigzag pattern expected. Since the breakout, price is dropping to form a very clear bearish impulse wave. We are following the impending impulse wave closely. The chart below was used in the last 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.
After the last update above, price still remains below the triangle. Price is still within the channel after a slight rally to complete wave iv. Let's look at the new update.
Price could drop further to 5800 for wave v. This could be the end of the first leg of a much deeper move. At the end of this, we should expect a bullish correction back to $7000-$7200. If the bullish move is corrective, we might see price falling further. The bearish target still remains at $4000 and $1000 unless price broke above wave (e) of the triangle at $7800. Stay tuned for the next update.
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