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The price of Bitcoin has decreased by around 10% from yesterday which indicates impulsiveness and could mean that the expected downtrend has started. This would shortly be verified from the expected interaction with the significant levels but it looks highly likely.

  • A breakout from the ascending trendline has been made with the price going below significant horizontal support levels as well.
  • Last Thursday could have been the end of the 5th wave which means that we could be seeing the starting downtrend.
  • If the price continues moving to the downside the first significant support area would be at around $6250

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

From yesterday’s high at $8742, the price of Bitcoin has decreased by around 10% today as it came down to $7856 at its lowest point.

Over the weekend we have seen the price reaching $8970 and has expected to continue potentially increasing for another minor higher high and interact with the 0.382 Fibonacci level at around $9400 after the higher degree downturn starts.

The price has fallen below the significant horizontal support at $8500 and broke the ascending support trendline made by the previous upside move. This could be an early indication that the expected downturn has started as the price fell outside the territory of the ascending structure in a three-wave manner.

The interaction with the 0.382 Fibonacci level might still occur but it looks less likely at the moment as the five-wave impulse looks like it ended.

If we have seen the completion of the five-wave impulse which is the sub-wave of the 5th wave from the Minor degree the decrease seen from last Thursday could be the starting downtrend with the first three-wave structure developing to the downside.

As the price barely made a higher high last Thursday coming up spiking it looked like another increase would occur. This could still happen if the ascending structure is still the 4th wave’s correctional movement developing but as the price fell to the 2nd wave’s ending point it will more likely not happen.

The price is now expected to go down to some of the broken resistance levels on the way up, out of which the first significant zone would be around $6250.


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Posted by Nikola Lazić

Nikola holds a bachelor degree in Sociology, which gives him an edge as a financial markets analyst, i.e., to better understand the psychology behind the crowd´s positioning. Consequently, his preferred analytical tools are Elliot applications, combined with Fibonacci cluster formations. He started learning more about financial markets back in 2015 and is now a full-time trader.As a crypto expert, Nikola´s approach to the future of the industry favors a more decentralized market that falls in line with a new “anarchic” capitalism trend. His analysis have been praised by some of the most influential people in the cryptocurrency scene, such as Jeff Berwick (founder of The Dollar Vigilante Newsletter), Vit Jedlicka (the president of Liberland), as well as other relevant peers.


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2 Comments

  1. Avatar
    Robert JosephsonJune 4, 2019 at 2:03 pm

    What expected downturn? Oh, you mean the whale who decided to rek this market the same way he has for the past few weeks? Lol, you give this garbage scam too much credit. Someone decided to crash the market and buy his own coins back at a discount knowing no one can do a thing about it other than report it as something natural or expected. Hardly a correction, or anything natural for that matter.

    Reply

  2. Avatar

    Hi Robbert. Actually expected in the analytical sense as I have been amounting the completion of the 5th wave for quite some time now and thought that it would end around $6250-6500 vicinity as an ending diagonal. I still believe that from 15th of December we have seen correctional upside movement and that Bitcoin is headed below $3000, so this downturn was expected either as a trend continuation or the 4th wave of the higher degree count if the bull market has started.

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