Bitcoin BTC is waiting the rally to start quit soon

Bitcoin BTC always repeats itself from time to time, and the history of BTC is one of the best indications for the next forecasted steps. For this reason, it is always good to find the matches between old days and current days, then connect all to 2 analysis schools to find out how it will respond.

History of BTC comparison:

  • The chart patterns between (Jan 2017 – June 2017) and (March 2019 – Today) are somehow the same.
  • 2 higher lows, then a rally with choppy sideways moves.
  • Then Bitcoin starts the biggest rally BTC did ever.
  • The chart below is the comparison which we notice.

BTC compare

Harmonic and Classic analysis school:

Bitcoin creates a flag pattern which will be activated only when BTC stays for 1 week above 11K US Dollars.

SO, in this case, only the pattern will activate and rally will start from the Harmonic analysis view.

Bitcoin target will be in this case $21,118.

Why 11K?

  • The strongest resistance.
  • Back to March 2018, when tested this area it fell almost 60% of its price.
  • Break above $11,000 mean the Bitcoin BTC is trading above moving average 100 days again.

Bitcoin BTC

Elliot Waves:

  1. Bitcoin is correction the wave III from the peak of $13,900
  2. So, BTC seems to move in a rectangle
  3. A-E waves could be over any time between $9,700 to $8,210.
  4. Targets will be at least $21,800

Please note; $8,210 is the expansion of 123% and at the same time it is testing of moving average of 200 days.

Bitcoin BTC

Conclusion:

Buy Bitcoin now from $9,700

Re-Buy again from $8,210

 

Ahmad Alsheikh Ali
Ahmad Alsheikh Ali
BorseClub Founder, Trading and Development Manger
BC XTB

Must Read

10 rules to help navigate the market

Everything in this world has its own rules and principles that must be followed if you want to make a profit and navigate the...

tariffs must be reduced for phase one

Tariffs must be cut if China and the United States are to reach an interim agreement on trade, the Asian nation's commerce ministry said...

Can I really profit from the Internet?

Can I profit from the Internet? The Internet has unlimited opportunities to make money, however, you should be careful not to fall into the...