The price of Bitcoin has rejected the level 10000 USD once again. This looks like a strong psychological barrier for the market right now. According to the Elliott wave theory the recent upward movement may be labeled as subwave “i” in a larger wave “3”.
It seems that currently the market may create a potential correction as subwave “ii” within wave “3”. The support could be located near the low of the first subwave in the correction labeled as “2”. The market then may create a potential inverted head and shoulders pattern.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It seems that currently the market may create a potential correction as subwave “ii” within wave “3”. The support could be located near the low of the first subwave in the correction labeled as “2”. The market then may create a potential inverted head and shoulders pattern.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
