Bitcoin Price Is Flowing to $10K on Elliot Waves. Can the Boat Break over the Resistance Iceberg?


Bitcoin Price Is Flowing to $10K on Elliot Waves. Can the Boat Break over the Resistance Iceberg?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Breaking resistance again and again, Bitcoin continues making its way to the top and has recently spiked to $8,300 before retracement. The bull market seems to have ceased from now on, and traders guess how low BTC might go. Some are sure there’s still hope for Bitcoin to make  few leaps. Will it reach the previous $20,000 mark or at least crawl to $10K mark? Let’s check out Bitcoin price forecasts from tradingview users: they come up with different interesting scenarios.

BTC aims for $10K on Elliot waves

BTC next target is $10,000

Looking at the BTC price chart from Mikelikescrypto, we can see the frequency of Elliot waves pattern and Bitcoin’s recent performance. According to the trader, after the previous Elliot wave count, Bitcoin’s next possible target is $8,600, and then it would be possible to hit $10,000.

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Consolidation is coming?

Consolidation might be forming

My2Sats analyzed the previous resistance and support levels for BTC. Last time, we were searching for a higher low compared to $3,338 to then try and shift momentum and get a higher high above $4,188. Clearly, BTC did that and really anyone buying in on the weekly chart shift from its bearish lower highs and lower lows to the bullish pattern of higher lows and higher highs once we broke above $4,188 has been extremely happy.

It’s been almost a straight bull run since then. The weekly chart is pushing above some major MA's. RSI is overbought for the first time since the end of 2017! The past few weeks have been so bullish, we have not established much in terms of support on the way up. Some consolidation would be logical, a higher low and then moving up, but anyone who has been in this market knows the bulls can start running more parabolic if FOMO sets in.

As for the trading strategy, we can just ride stop losses based on higher lows for these rather than trying to actively trade anything while gone. Hopefully, bulls will continue the momentum after the pause and keep things pushing upwards but on the technical side, we really could use some consolidation and forming some bases of support.

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Look at the crazy Bitcoin fractal

10K rally is more than possible for BTC

For botje11, the current BTC performance is reminiscent of a 10K rally that has already happened. Back then things went much faster than the past half year. But now when thinking about it again, this rally has been extremely fast, so in that sense, it's actually even good. The fractals on the BTC price charts are here to show how the market evolves.

Botje11 believes that if we stay below $7,900/$7,850, reaching $10K might still be real. If it breaks, let’s forget about it for some time. This is bouncing up quite strong now. Bears attempted to drop BTC, but the sell volume isn’t strong enough.

Time will show who has the power to short the market now. At the moment, selling volume is not enough. The fractal is not completely over yet, but becoming more likely to be a failure. $7,800 is the main support level, so we should see whether Bitcoin can keep it.

$8,250 is the next serious resistance

Watch if BTC reaches $8,250

Patient longs have been rewarded as Bitcoin has gone parabolic, in a rally of remarkable proportions, even for this cryptocurrency. BTC/USD has surged beyond resistance at ~$7,250, and gone on to break $8,000, touching a new yearly high of $8,169.

Its surge has also boosted most of the major cryptocurrencies and added ~$30b to the overall cryptocurrency market capitalization. This has been a move supported by volume and the ‘whales’ of the industry; tracking data showed the rally supported by trading from large Bitcoin holders, with the single biggest whale moving some 47,000 BTC into the market. Our next meaningful resistance is in the $8,250 region –if BTC gathers $1,000 in price again it would mean a new victory and a new bull wave.

Price charts are taken from TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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BTC, ETH, XRP Price Analysis — Has a Sideways Trend Come on the Market?

  • Denys Serhiichuk
    📈 Price Predictions

    💱😐The market is in a neutral mood. Our price prediction describes which levels are crucial to track🔮📈


BTC, ETH, XRP Price Analysis — Has a Sideways Trend Come on the Market?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The picture of the market as a whole has not changed over the past day: Bitcoin is setting the dynamics, and less liquid coins repeat it in various variations. All 10 coins are showing slight growth, except Binance Coin and Stellar, whose prices have declined by around 1%.

Total market capitalization

Even though the cryptocurrency market has been in a sideways trend for a few days already, the total capitalization index has gained $4 bln over the night, suggesting that traders are still in the game.

BTC/USD

Bitcoin did not follow our scenario yesterday, and the quotes rose above $9,200 again. The cryptocurrency continues its upward movement; the attempt to form the Head and Shoulders reversal pattern was canceled.

BTC/USD 1-day chart

At the moment, attention is focused on the Triangle model. Quotes struck the upper limit of the figure, and one can talk about the continuation of the rise of BTC with the first goal at $10,105.

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Moreover, Bitcoin tested the lower border of the Bollinger Bands figure. The price was able to push off from this area, which indicates the presence of an upward trend. As the main trading scenario, we should expect BTC correction to the upper border of the Triangle at the level of $8,940 and then continued growth.

The price of BTC is trading at $9,291 at the time of writing.

ETH/USD

Ethereum keeps trading above the upper boundary of the rising channel, and our recent price prediction is justifying itself at the moment.

ETH/USD 1-hour chart

On the hourly chart, a harmonious trading model “5-0” is being formed. As part of this pattern, Ethereum is expected to drop and test the lower boundary of the channel at $255, and then rebound and continue growth with a target at $290.

In favor of this option, there is a rebound from the trend line on the RSI indicator. Confirmation of growth will be the breakdown of the descending line on the indicator and closing quotes above $280.

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The price of ETH is trading at $269.55 at the time of writing.

XRP/USD

Against the sideways trend on the market, Ripple is not giving up the acquired positions so fast. On the hourly chart quotes pushed off the resistance level. As the main trading idea, traders can expect a test of the lower boundary of the channel and continued growth. An additional signal will be the next bounce from the uptrend line on the RSI indicator. The confirmation will be the breakdown of the upper border of the side corridor and the closure above $0.46.

XRP/USD 1-hour chart

The cancellation of the growth will be the breakdown of the lower boundary of the corridor with the closing of positions under the level of $0.38. In this case, a sharp drop is expected with a target below $0.27.

The price of XRP is trading at $0.4321 at the time of writing.

Cover image via www.123rf.com
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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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