BTC Price Prediction Through Technical Analysis
Two of the most powerful tools technical analysts use to predict price movement are the Fibonacci retracement and Elliot wave principle.
We can use these two analytics tools to get a very good idea on where the price for bitcoin will head to.
On the 4 hour chart, when we draw the fibonacci retracement from the low of 5782 in mid june to a high of 8494 mid july we can see a clear bounce of the 61.8 fib retracement line which is very typical.
At this point there is a very good chance that it will break above the previous fib retracement of 78.6 at a price of 7914, especially when considering the elliot wave count.
The elliot wave comes in a 5 count as shown in the example below.
We can see that we are currently in the 4th wave and the 5th wave should break us above 7914 to test 8494 again.
-----------------------Disclaimer-----------------------
Never invest more than what you can afford to lose. This post is my personal opinion, and I am just purely sharing my own opinion. Do not make any investment purely based on this information and do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Can anybody predict a long term view lets say 3 years
technical analysis is the best way to predict bitcoin price. nice analysis.
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awesome concept sir your blog is top class thanks for share your inportant concept.
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Amazing graph
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