Disclaimer: All information and data in this post are based on my slightly biased personal opinion and experience, it should not be considered professional financial advice. I will not be liable for any errors, omissions, or losses, injuries, or damages arising from this displayed content or use thereof. Take care when investing in these platforms and remember to do your own due diligence. Consult a financial adviser before getting into risky investment like cryptocurrency. Good luck.
Although I am no expert at technical analysis and charts, I think we are experience a prolong wave correction beginning around May 10. The selling volume is comparatively high for that period.
Here is what I created up on Trading View (Click to enlarge):
I might be wrong in how I plot the Elliott Wave but the pattern is quite evident that many cryptocurrency buyers got rekt. The bog virus got to a majority of the crowd (an illness where irrationality infects the brain of normal people and they go looking for bad news).
Where am I going with this?
Oh yes. My second point.
You see that section on the far bottom right of the chart above that is colored. I think there is where another impulse wave will begin.
Lets draw up that section for a better view.
Right now, I cannot give an exact price to where Bitcoin is going. Nevertheless I can say with fairly high probability (70 to 85%) that the price of Bitcoin will fall in the ranges indicated on the chart above. The dates are also given beside each note.
At this moment, I don't see the king of all cryptos reaching $9000 anytime soon. We are going into summer. Investors wanted to withdraw their profits (or losses- you slow-pokes) to put into something else. Not much important events are slated for the summer to give the market a kick. We are back to late October- November levels now so the "lambo" dream had to be put on hold until fall.
That is my prediction. I might be wrong. BTC can turn around right now as I write this post and soar to $8,000 before the weekend or continuing to drop to what most chartists are predicting, $4,000- $5,000.
Anyways, your feedback is welcome. Where do you see the price of BTC heading?
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See ya!
