Bitcoin Price AnalysisPrice Analysis

Bitcoin Price Analysis: BTC Sell-Off Has Started, Here’s our Target Price

Bitcoin’s price fell impulsively to the downside and below the 0.5 Fib level. We’ve seen the completion of the three-wave increase which is now confirmed to be corrective as the price entered the territory of its 2nd wave.

  • Resistance found at around 0.786 Fib level after which a sharp downturn has been seen.
  • This marked the completion of the three-wave correctional increase seen from the 2nd of July.
  • The third ABC to the downside has likely started with its first wave A looking like near completion.
  • A small recovery would be expected after another impulsive downfall to the vicinity of the $9825 area.

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

From yesterday’s high at $13070 the price of Bitcoin decreased by13.5% today as it came down to around $11300 area around which the price is currently being traded.

Looking at the hourly chart, you can see that the price spiked down below the 0.382 Fib level but managed to close the hourly candle above it as the level serves as a support.

The price fell below the 0.5 Fib level below which it is considered to be the start of the territory of the second wave out of the increase seen from 2nd of July which is labeled with a pink triangle.

As this occurred we can say that the increase ended in a three-wave manner which validates the assumption of the corrective nature of the seen increase.

The price came down in an impulsive manner like expected an on to the projected level which means that we are seeing the A wave from the next corrective structure developing.

A minor correction would now be expected to around the 0.618 Fib level as the B wave should develop but then another impulsive downfall to the vicinity of the prior low at around $9825.

This would be the third correction as a sub-wave from the higher degree three-wave WXY and is likely to end as a retest of the prior low.

Another possibility would be that the corrective structure gets prolonged by two more waves – X and Z in which case even further lows would be expected.

This would mean that another increase after could occur but if we’ve seen the completion of the 5th wave on the Minor count on the 26th of June we could be seeing the start of a downtrend which would be an even higher degree correction.

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