The world of cryptocurrencies has been very moved after its main reference, Bitcoin has been suggesting that its next bullish move is just around the corner as many analysts have warned.
At the time of writing BTC It is quoted at the price of $ 5108.66, a growth of +0.47% in the last 24 hours, increasing its capitalization market to just over $ 90 billion dollars, which represents a 52% of domain of the market.
Although its volume has grown in the last hours, BTC is perfectly describing a price correction trajectory for next week, according to the indicator of Elliot Waves, currently drawing his 4 wave before entering week 17 of 2019 on the expected 5th wave.
The foregoing can be seen in the 1H chart for BTC, where clearly a cross of EMA in short it foresees a bottom price up to levels of $ 4900 and then again push strongly to expected end-of-month levels close to the bands of $ 5800- $ 6000.
As if that were not enough, the RSI indicator in this chart projects us low purchase levels despite the bullish price at this time, it still does not have overbought levels that allow us to advance the proposed scenario (RSI <80).
To try to confirm this scenario, we see the graph 1H with other indicators to try to corroborate our previous analysis.
In this graph we can see that the indicator Aroon it shows bearish, although it already foresees a change of tendency in a few days, there is still no sign that its "bullish" level (green line) presents a rapid change, since it does not yet reach the bottom.
The indicator Chaikin Money Flow (CMF) it is shown at low flow levels towards BTC, synonymous with the fact that not enough capital has been added to the ecosystem by investors to cause significant price pumping.
To end Momemtum it remains stable in the middle part, waiting for some signal that changes its tendency.
On the other hand, medium-long-term BTC presents a similar pattern with the forecast that our previous forecasts that BTC will arrive at the end of the month at $ 5807.9 according to the performance of RSI and its correlation of BTC maximums and minimums could finally be completed by week 17.
This forecast can be seen in the 1D chart for the king cryptocurrency, with a wave that expects to reach the 'E' point ($ 5800- $ 6000) before falling back to correction levels in mid-May 2019.
In conclusion, BTC remained above the support of $ 4800. Now I should return to make another move at any time and this time we could see a break of $ 5500 and a new test of $ 5800 and $ 6000 as a point of strong resistance.
Even though many people expect BTC to cross the $ 6000 zone, we do not see indicators that project this scenario in the short or medium term. However, it is important to note that the world of cryptocurrencies is very volatile.
Engineer and passionate about Blockchain and Bitcoin technology since 2009.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .
