BITCOIN - Sets the tone for the cryptocurrency market

22 giu 2019

Hello traders, we are looking on the daily chart of the famous BTCUSD. It is trading now greatly above the 10.000 USD level with good bullish momentum. BITCOIN has taken out the resistance in the 10.000 USD area, which you can see in my chart marked with the pink horizontal line. We seen the bottom confirmed last year 2018 which you can see in the chart, from that level we had some struggling in the bottom to come up again, now the new all time high is almost confirmed. Bitcoin is trading above the 61.8 % retracement of the bear-market, which for some magic reason is also the resistance at the 10.000 USD area. Above that we have the 50 % retracement of the bear-market decline, marked with the purple horizontal line, which of course is a important area. If we break through this area, which you can see in my chart marked with the purple horizontal ray we can see some more good bullish action for BTCUSD. If we hold this level and break through it is possible that we see some bull squeezing there, as new buyers come in and conservative investors investing in BTCUSD.

There is also an elliot-wave count detected in the chart you see, with major wave 5 forming now. Wave 3 is always the biggest wave, for that reason wave 5 cant be shorter than wave 3. Now what does this say to us? We have a minimum target of 20.000 USD for BTC because wave 5 must be longer then wave 3. The targets are projected in my chart. Looking on the facts provided, it points out that BTCUSD will make an all-time-high with very high probability.

Thank you for watching and have a nice day!