Bitcoin BTC Elliott wave analysis 19 Jun 2018
Bitcoin is about to complete the all time bearish correction from a technical outlook. What prices should we look at? The following 19-20 June Bitcoin price prediction looks at BTCUSD technical forecast based on Elliott wave theory.
The Cryptos have been bearish so far this month. However, Bitcoin is making the biggest rally this month which might still not be enough to conclude that the bearish move is over. In this analysis, we would look at the price levels that should be taken out to confirm the current rally is not another correction preceding a new lower price level. From the all-time-high and since December 2017, BTCUSD price action is emerging into a double zigzag. Wave (X) completed with a triangle pattern and price broke downside this month. We had a $4000 bearish target and probably $1000 before we should be expecting another bullish boom. In the last update, the chart below was used.
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.
Since the last update, price has not broken below 6100 but rallied slightly above 6700 to break above the channel line. That should be a caution for sellers. On another look, the rally from 6100 to the present level still looks corrective and I would still expect further dip below $6100. The chart below shows the new update.
Since the breakout of the triangle pattern, we have been counting a bearish impulse wave. The current rally is contained within a channel and looks corrective. It could move closer to the breakout neck of the triangle. I expect price to stay below $7000 and break below the channel. If this happens, we should expect price below $6000 before the next bullish correction back to $7000. On the other hands, if price breaks above 7000 and moves into the territory of the triangle, we would have to watch price breaking above $7400 because this could lead to a move to $9000 or higher. Stay tuned for the next update.
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